The continuing importance of friendly societies as providers of a wide range of insurance services to millions of people is emphasised in this latest edition of The Association of Friendly Societies Year Book. Friendly societies are one of the oldest types of financial institution, having been around since the sixteenth century. They were in many ways the original welfare services providing for their members when they fell ill or were made redundant. The coming of the Welfare State reduced the need for people to be members of such societies and most of the friendly societies were wound up then. However, several do still survive today holding assets in the region of £11 billion and with 10 per cent of the UK population being members of a society.
This yearbook provides details of the 80 members of the Association of Friendly Societies from the Ancient Order of Foresters Friendly Society to the United Ancient Order of Druids Friendly Society. Each society’s entry follows a standard one‐page format. The information given includes full contact details plus e‐mail where available; the date the society was founded; the number of full‐time employees; a listing of products offered and a description of the society. A financial table breaks down the income and expenditure figures, the amount of benefits paid and investment breakdown.
Introductory chapters explain what a friendly society is and outline some of the changes currently happening in the financial services sector. The Association’s charter is given, as are biographies of the executive officers. Five pages of statistics cover listings of the top societies by a variety of criteria and all societies are listed in one table which provides a snapshot of the amount of their funds, number of policies, members, total income, expenditure and benefits paid.
This yearbook provides much useful information not readily accessible in other sources. It is a useful resource for anyone working in the financial services industry.
