FRIENDLY SOCIETIES INDUSTRY
The friendly societies industry is very diverse.
There are different ownership structures within friendly societies which provide financial services and the majority of organisations are member-owned mutuals, meaning their customers are their owners.
If you are a member of a friendly society, you are at the core of its operations.
Australia’s largest friendly society is Australian Unity which has funds under management of more than $2 billion.
Friendly societies are committed to upholding core principles of mutual self-help, support and co-operation. Some friendly societies also provide health care, aged care, home care and retirement living services. Another group of friendly societies (with its own industry association) provides community pharmacy services.