Friendly Societies

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.

null

Friendly societies in Australia provide financial services to more than 800,000 members.

null

Collectively, our industry manages approximately $7.5 billion in funds.

null

Annually, more than $800 million in benefits are paid out by friendly societies.

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.

LATEST NEWS

Back to top