Teachers Assurance Hits £1 Billion Milestone and Releases Annual Financial Summary

LONDON, May 1, 2013 /PRNewswire/ --

Teachers Assurance, the financial services provider for teachers and their families has today released their annual financial summary. The accounts report that the company has now reached a milestone achievement of managing over £1 billion on behalf of teachers and their families.

Teachers Assurance has recently initiated a three year company transformation in their aim to become the market leader in financial services for the education industry, with the annual financial summary marking the end of a successful first year. 2012 saw the launch of a range of new communication channels designed to get teachers saving, including online resources, school talks, seminars and social media forums. As an output of these changes, the company's full range of savings and investment plans are now available to buy securely via the website, in addition to the traditional means of purchase which remains available to teachers across the country.

David Furniss, Chief Executive at Teachers Assurance explains further how the organisation's objectives are evolving to suit their customers' needs. "At the start of 2012, we took the decision to invest in a three-year plan to transform the way in which Teachers Assurance operates. The reason and rationale for changing our strategy in light of the new financial regulation was simple; to ensure that Teachers Assurance could continue to offer good value products and services to the education community in a way that was relevant, viable and sustainable in the longer term."

This year's annual financial summary continues to demonstrate success for the long established company, who were first formed alongside what was to become the NUT in 1877. The organisation has managed to consistently deliver strong results throughout the challenging economic climate and over the last six years has distributed excess profits totalling £18.1 million to members by way of Special Mutuality Bonuses.

The organisation's Chief Executive further expressed his satisfaction with the 2012 results by adding "Teachers Assurance delivered another pleasing result in 2012 as well as successfully initiating the reposition of our business. In 2012 we've paid out over £103 million to members and customers and have also entered 2013 with a substantial capital reserve of £85 million."

Teachers Assurance offers a range of savings, investments, home insurance, health and life cover products for individuals and families that are designed with teachers in mind. To find out more, please visit http://www.teachersassurance.co.uk or if you'd rather chat to someone, call us on 0800 056 0563.

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Notes to Editor

About Teachers Assurance

• Teachers Assurance was set up in 1877 and today offers a range of savings, investments, home insurance products, health and life cover for individuals and families that are designed with teachers in mind
• Teachers Assurance does not offer financial advice. Instead, the company offers a financial education programme for teachers which includes Money Talks in schools and a range of online financial calculator tools
• As a friendly, mutual society, profits are invested to help support customers and future customers or shared with members
• Teachers Assurance was started by what was to become the National Union of Teachers in 1877. Although we are now separate to the Union, we still work in partnership and Teachers Assurance is endorsed by the NUT to provide financial services to members.

Teachers Assurance is a trading name of Teachers Provident Society Limited (TPS), an incorporated Friendly Society No 372F. A member of the Association of British Insurers and the Association of Financial Mutuals.  Teachers Provident Society Limited and Teachers Assurance Company Limited No 314801 are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Teachers Financial Services Limited No. 3401635 and Sovereign Unit Trust Managers Limited No. 2072297 are authorised and regulated by the Financial Conduct Authority. Teachers Management Services Limited No. 3401641 is not a regulated company.

All companies are wholly owned subsidiaries of TPS. Registered in England and Wales. To help us continually improve customer service, calls may be monitored and recorded.

For further information:
Laura Bentham, Social Media & PR Executive
+44-(0)1202-435112
lbentham@teachersassurance.co.uk
http://www.teachersassurance.co.uk/press