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Scottish Friendly Assurance Society
Scottish Friendly Assurance Society is a insurance based in Glasgow, founded 1862; the Altss profile covers its classification, headquarters, registration, AUM...
Scottish Friendly Assurance Society
Tax-efficient ISAs, Junior ISAs, life insurance and investment plans from a leading UK mutual. Scottish Friendly have been investing since 1862.
General information
Firm type
Insurance
Year founded
1862
AUM
£4.4 billion (per Scottish Friendly, 2025)
Location
Region
Europe
Country
United Kingdom
City
Glasgow
Corporate office
Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ, United Kingdom
Principals
Stephen McGee
Representative, Association of British Insurers
John McGuigan
Chair
Sector focus
Frequently asked questions
Is Scottish Friendly a single-family office or an insurance company?
Scottish Friendly is a UK mutual insurance company, not a family office. It was founded in 1862 and is owned by its members rather than external shareholders. The firm offers retail savings, ISA, and protection products, but its recent strategy has tilted toward acquiring closed pension books from other insurers.
What was the proposed merger with OneFamily?
Scottish Friendly explored a merger with OneFamily, another UK mutual, which would have created an entity with almost £10 billion in combined AUM. The deal was ultimately not completed, and Scottish Friendly continues to operate independently.
How did the Fidelity International book acquisition change Scottish Friendly's business mix?
In 2024, Scottish Friendly acquired Fidelity International's pension and annuity in-payment books, adding a block of recurring-payment retirement liabilities to its balance sheet. This follows a 2019 deal for a Canada Life book, making back-book consolidation a visible capital-allocation theme for the society.
Does Scottish Friendly manage assets for institutional allocators or limited partners?
No. Scottish Friendly manages its own general-account insurance assets for the benefit of members. It does not operate as a third-party asset manager or raise external capital.
What is the Scottish Friendly Children's Book Tour?
The tour is a long-running philanthropy partnership with Scottish Book Trust that brings children's authors directly into UK schools. It highlights the society's surplus-allocation model — rather than paying dividends to shareholders, the mutual funds literacy and community programs.
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