FINANCIAL services group Scottish Friendly will today reveal that its funds under management grew by eight per cent last year to £1.08 billion, writes Ian McConnell

The Glasgow-based institution, which describes itself as Scotland's largest mutual, will also tell its annual meeting in Glasgow today that it achieved a five per cent rise in sales, to £21.6 million, in 2014. These sales figures are based on the standard industry measure of regular premiums plus one-tenth of single premiums.

Scottish Friendly said that strong growth from partnerships, including an alliance with Sun Life Direct announced last year, had helped to increase sales and membership numbers.

Scottish Friendly, citing a focus on stocks and shares ISAs and Junior ISAs aimed at "mid-income families", signalled its belief that it was in a strong position to make further progress this year.

In February, the Glasgow-based institution announced its proposed takeover of Marine and General Mutual in a move it noted would double assets to more than £2bn. Subject to final approval, the transfer is due to complete on May 31.