NFU mutual financial results / remuneration

[Henarar]

The premium they charge is way above others for the same cover, so no wonder they make a big profit.

folk keep saying that whenever the NFU mutual come up on here but I have tried 3 others 2 were much the same price but the cover was not as good and the other was hopeless, who are these insurers who are so much cheaper ?

 

[Huno]

Someone send me this and asked if i would post on TFF, they work for the NFU so asked to remain anon………. so ………

( to be clear - this is the insurance co not the NFU but as we know there are VERY strong links and multi million £’s payment made in NFU accounts between these entities )


Subject: NFUM results (not a full year)



£182m OVERALL PROFIT “The Group performed well in difficult circumstances, achieving an overall profit of £182m and our underlying financial, capital and solvency position has remained very strong.”

£89m UNDERWRITING LOSS “The underwriting loss of £89m reflects the challenging economic environment and weather conditions as we continue to support our customers and pay out on claims.”

95.5% PERSISTENCY “The percentage of GI policies renewed in 2021 remained high with exceptional persistency levels of 95.5%.”

Nick Turner (CEO) picks up £1.047m inc bonus
Lindsay Sinclair (no longer employed) picks up £879k (down from his last year as CEO at £2.26m)
Ali Capper (Non Exec Director) picks up £73k

Gross Written Premium £1.825bn before Mutual Bonus up 7%
Underwriting loss of £89m blaming inflationary forces and malign weather conditions

Mutual Bonus for 22/23 = 13.5%

NFUM is underwritten by a far bigger power than the Union hence why you can insure with them without NFU union discount

 

[Huno]

Has anyone tried Clive At TFF insurance yet? Its a good price.. low premiums... surely Farmdeals must be chucking that into the pot? and if so fair call

 

[Sid]

folk keep saying that whenever the NFU mutual come up on here but I have tried 3 others 2 were much the same price but the cover was not as good and the other was hopeless, who are these insurers who are so much cheaper ?

Try Cornish Mutual, they were double the price of the NFU Mutual.

Broker was cheaper but only by less than £500.

 

[Huno]

Try Cornish Mutual, they were double the price of the NFU Mutual.

Broker was cheaper but only by less than £500.

They are all underwritten by the same bunch of mates

 

[Henarar]

Try Cornish Mutual, they were double the price of the NFU Mutual.

Broker was cheaper but only by less than £500.

cornish was much the same here, didn't like the way they done some of it though

 

[Henarar]

They are all underwritten by the same bunch of mates

I seem to remember claims of 50% savings

 

[Huno]

cornish was much the same here, didn't like the way they done some of it though

marvelous nice people

 

[SilliamWhale]

folk keep saying that whenever the NFU mutual come up on here but I have tried 3 others 2 were much the same price but the cover was not as good and the other was hopeless, who are these insurers who are so much cheaper ?

County Insurance have always been good to me

 

[David.]

We priced NFUM against County at renewal, and for same cover, NFUM were still substantially less money; as they were 3 yrs ago.
Maybe it depends on your local agency, and how bad they want it.

 

[neilo]

We priced NFUM against County at renewal, and for same cover, NFUM were still substantially less money; as they were 3 yrs ago.
Maybe it depends on your local agency, and how bad they want it.

New agent started locally and were keen to regain the business here. They gave me a quote, based exactly on the schedule of insurance that my broker had supplied (from Rural Insurance currently). Even with being keen to get the business, NFU came in at close to £5500 (inc Mutual bonus, as car still been with them, and membership discount), against the broker's renewal quote of just over £3200, for the exact same cover.

Even I was shocked, and needless to say, remain doing business with the broker.

 

[hally]

Just moved mothers car from the NFU to our broker, £400 saving on a £20k car

 

[Netherfield]

Passed on to me.

 

[Sid]

Passed on to me.View attachment 1109364

Directors being paid, what ever next, reps getting sales bonuses?

 

[ajd132]

Directors being paid, what ever next, reps getting sales bonuses?

Would probably be better off renting the farm out and getting on industry boards!

 

[Sid]

Would probably be better off renting the farm out and getting on industry boards!

That isn't an industry board it's a financial institution. A business.

 

[ajd132]

That isn't an industry board it's a financial institution. A business.

Of course, but reading the CV’s of the directors a few of them atleast are in the position because of heavy involvement with the NFU and other industry bodies.

 

[Huno]

Of course, but reading the CV’s of the directors a few of them atleast are in the position because of heavy involvement with the NFU and other industry bodies.

The most liberating part is that when you are not paying them anymore you just don't care anymore! it is lovely...

 

[Huno]

Of course, but reading the CV’s of the directors a few of them atleast are in the position because of heavy involvement with the NFU and other industry bodies.

Due Diligence is a critical part of understanding if you want to be in someone's playground or not...

 

[Sid]

Of course, but reading the CV’s of the directors a few of them atleast are in the position because of heavy involvement with the NFU and other industry bodies.

Which ones then, because from what I see majority have an insurance background