Scottish Friendly

Name

Scottish Friendly

Legal name

Scottish Friendly Assurance Society Limited

Website

https://scottishfriendly.co.uk

Company type

Private

Founded year

1862

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Mutual Life Assurance and Investment Products

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Portfolio Management and Investment Advice (523940), Pension Funds (52511)

SIC

Life Insurance (6311), Investment Advice (6282)

akta.pro primary industry

Participating (Dividend) Whole Life Insurance (FSAIABAI)

akta.pro secondary industry

Fixed Income Mutual Funds (FSAAAEAB)

Keywords

• Stocks and shares ISAs
• Junior ISAs
• Over 50s life insurance
• Mutual life assurance
• With-profits investments

Headquarters

HQ city

Glasgow

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Annual Management Charges (Investment Products): Scottish Friendly generates revenue primarily through annual management charges on ISA and Junior ISA investments. Charges are tiered based on investment size: 1.5% for £0-£5,000, 1.0% for £5,001-£20,000, and 0.5% for £20,001+. A reduced rate of 1.25% applies to Unitised With-Profits funds.
2. Over 50s Life Insurance Premiums: Revenue is generated from monthly insurance premiums paid by customers aged 50-74 for guaranteed life insurance coverage ranging from £2,000 to £20,000. Premiums are based on age, smoking status, and coverage amount, starting from 23p per day.
3. ProfitShare Distribution: As a mutual, Scottish Friendly shares profits with eligible members through the ProfitShare scheme, distributing bonuses (e.g., £4.5 million in 2024, £4.9 million in 2025) to With-Profits policyholders rather than external shareholders.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Scottish Friendly is a Glasgow-based mutual life assurance provider selling tax-efficient Stocks & Shares ISAs, Junior ISAs, and Over 50s Life Insurance directly to UK consumers. Its Unitised With-Profits Fund offers smoothed returns with guaranteed minimum payouts on the 10-year ISA anniversary and on a Junior ISA child's 18th birthday, while the ProfitShare scheme distributes a share of annual profits to eligible members rather than to external shareholders.

Product overview

Scottish Friendly is a Glasgow-based mutual life assurance provider offering a portfolio of tax-efficient investment products including Stocks & Shares ISAs (My Choice, My Easy Choice, My Climate Leader Choice), Junior ISAs (My Select, My Easy Select, My Climate Leader Select), and Over 50s Life Insurance. The company operates through its My Plans digital platform for account management and offers a Unitised With-Profits Fund with guaranteed minimum payouts. Additional member benefits include the ProfitShare scheme. Scottish Friendly is proposing to merge with OneFamily in 2027 to create one of the UK's largest mutuals with nearly £10bn in assets under management.

Differentiator

Problem solved

Functional benefit

Brands

• My Plans: Online investment management platform and mobile app for managing ISA and Junior ISA investments
• ProfitShare
• My Rewards
• My Benefits

Products and services

• My Choice (ISA) A do-it-yourself Stocks & Shares ISA that gives customers full control with a choice of funds across different risk and reward levels, including balanced, cautious, aspiring, moderate, and adventurous options. For UK residents aged 18+ using their £20,000 annual ISA allowance, with minimum contributions from £30/month or £100 lump sum.
• My Easy Choice (ISA) A ready-made Stocks & Shares ISA investing in the Unitised With-Profits fund, with a 10-year guarantee to return at least the amount invested (subject to no switches or withdrawals). Designed for beginner UK investors seeking a straightforward, tax-efficient long-term investment within their £20,000 annual ISA allowance.
• My Climate Leader Choice (ISA) A single-fund Stocks & Shares ISA investing in the Climate Leaders fund, designed to invest in equities of companies worldwide benefiting from efforts to limit global climate change. Aimed at UK investors who want tax-efficient investing aligned with a climate-focused mandate within their £20,000 annual ISA allowance.
• My Select (Junior ISA) A do-it-yourself Stocks & Shares Junior ISA offering a range of fund choices from low to high risk, including the Unitised With-Profits fund with a guaranteed minimum payout on the child's 18th birthday. For UK parents, grandparents, and family members investing up to £9,000 per year for a child under 18.
• My Easy Select (Junior ISA) A ready-made Stocks & Shares Junior ISA with a fund guarantee, requiring a minimum lump sum of £50. For UK parents, grandparents, and family members seeking a simple, tax-efficient long-term investment for a child under 18 with a guaranteed minimum payout at age 18.
• My Climate Leader Select (Junior ISA) A climate-focused Junior ISA investing in the Climate Leaders fund for sustainable investments. For UK parents, grandparents, and family members wanting a tax-efficient long-term investment for a child under 18 within the £9,000 annual Junior ISA allowance.
• My Mutual Guaranteed Over 50s Plan Guaranteed acceptance life insurance for UK residents aged 50-74 with no medical questions, offering cover from £2,000 to £20,000 with fixed monthly premiums starting from 23p per day for a 50-year-old non-smoker. Provides a guaranteed cash benefit to loved ones after two years, addressing funeral costs, debt repayment, and family financial protection.

Quantifiable outcome

• Record annual sales of £56.1m in 2025, highest in 164-year history
• +5 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor, core and flagship.

• Guardian Financial ServicesminorChannel Partner/ Reseller/ Distributor · 4 February 2026Guardian Financial Services currently operates as an appointed representative of Scottish Friendly. Under the proposed merger with OneFamily, Guardian will automatically retain its appointed representative status under the merged entity.
• Fidelity InternationalcoreTechnology or Integration · 9 April 2025Scottish Friendly acquired the pension and annuity in payment books from Fidelity International, increasing assets under management by £2.16 billion. The deal involves a block of unit-linked pensions business and annuities book, with completion expected by September 2026 pending regulatory approval.
• UnisurecoreStrategic or Co-development PartnerStrategic partnership for product expansion and distribution, mentioned as part of Scottish Friendly's expansion strategy alongside Allianz partnership.
• AllianzcoreStrategic or Co-development PartnerStrategic partnership mentioned as part of Scottish Friendly's expansion through partnerships, contributing to the company's growth strategy.
• OneFamilyflagshipStrategic or Co-development PartnerProposed merger announced February 4, 2026, to create one of the UK's largest mutual life assurance groups with nearly £10 billion in assets under management and over 2.3 million members. Expected to be effective early 2027 subject to regulatory approval. Combined entity will operate under OneFamily name while Scottish Friendly brand remains.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Aviva: One of the UK's largest life and pensions groups, offering ISAs, life cover, and pensions through both direct and advised channels. Overlaps with Scottish Friendly across ISA, life, and With-Profits products but as part of a much broader portfolio.
• Legal & General: Major UK life insurer, pension provider, and investment manager with retail ISA and investment products. A broad incumbent overlapping with Scottish Friendly in life assurance, pensions, and investment, though materially larger and more diversified.

Direct peers

• SunLife: UK specialist in guaranteed acceptance Over 50s life insurance with fixed premiums. The most direct competitor in Scottish Friendly's Mutual Guaranteed Over 50s Plan segment, competing on price-per-day and brand familiarity in the same older-customer cohort.
• Liverpool Victoria (LV=): UK mutual insurer offering life cover, ISAs, and retirement products directly to consumers. Directly comparable mutual model and product set, particularly for the Over 50s life and ISA segments.
• Royal London: The UK's largest mutual life and pensions provider, offering ISAs, pensions, and life insurance through direct and advised channels. Comparable as a member-owned mutual competing in the same UK ISA and life assurance categories.
• Hargreaves Lansdown: UK's largest direct-to-consumer investment platform and ISA provider. Comparable on Stocks & Shares ISA and Junior ISA distribution, fund choice, and the My Plans-style self-serve digital model, though it is a publicly listed platform rather than a mutual.
• AJ Bell: UK investment platform offering Stocks & Shares ISAs, Junior ISAs, and SIPPs via direct and advised channels. Direct competitor in the retail ISA/Junior ISA space, with a comparable self-serve platform proposition.
• OneFamily: UK mutual life and savings provider and announced merger partner. Both are friendly-society mutuals offering ISAs, Junior ISAs, and life/savings products to UK consumers on a member-owned basis, making OneFamily the closest structural and product peer.
• Beagle Street: Direct-to-consumer UK life insurance brand (owned by BGL Group) that will sit under the merged OneFamily/Scottish Friendly group. Direct peer in digital life cover distribution and direct customer acquisition.

Others

• Fidelity International: Global asset manager whose UK life arm (FIL Life Insurance) sold a £2.16bn pensions and annuities block to Scottish Friendly in 2025. Relevant as a transaction counterparty and as a fund partner on the Climate Leaders and broader ISA fund ranges.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/scotfriendly
• Facebookfacebook.com/452304654833537
• LinkedInlinkedin.com/company/scottish-friendly

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Scottish Friendly