The AGM took place on 22nd June 2017 at the National Motorcycle Museum, Solihull.
In his sixth AGM speech as NFU Mutual's Chairman, Richard Percy said: “2016 saw the start of events of great political significance which have continued until this day. The referendum on EU membership certainly caused a stir across the whole country. The effect on the value of the pound had implications for farming, increasing farm gate prices across the board. For us, it increased the value of our investment assets creating, as we shall see, a large profit for the business.
“The effect of the dramatic increase in our investment assets is to rather over-shadow the performance for the insurance business at NFU Mutual which turned in another really solid year. NFU Mutual delivered good results across the group. Our accounts show an overall profit, after tax of just over £1 billion.
“Thanks to our continued strong performance and our financial strength, from July to June 2018 every member will receive a discount of at least 13.5% off their General Insurance premium at renewal. Our Mutual Bonus rates are greater for those members who have been with us longer and rise to a maximum of 18.5%.
“On the General Insurance side of the business, the premium income we received continued to grow, and in 2016, our gross written premium income increased by £40 million to just short of £1.4 billion.
Richard went on to discuss the support that NFU Mutual provides to the farming industry: “We have a long-term commitment to support UK farmers. In 2016 we donated £7.6 million to help the Farming Unions support British farming. We think it is vital that we remain closely aligned with the unions in our joint efforts to secure a prosperous future for agriculture and to help ensure that the rural economy thrives.
“Our Charitable Trust continued to support good causes in the rural community during 2016 distributing more than ever before - £256,500 to worthy causes and to help young people fund further education in various agricultural and rural studies. And as part of our commitment to the next generation of farmers, NFU Mutual again funded the Farm Safety Foundation during 2016 with a £250,000 donation.”
On closing his AGM speech he went on to say: “We were formed 107 years ago as a mutual; our ethos remains largely unchanged; we are run for the benefit of our members - there is no shareholder to pay. It remains only for me to thank our staff, Agents, the Farming Unions and you, the members for a successful year – delivered by hard work.”
The AGM vote was administered and independently scrutinised by The Electoral Reform Society to ensure both accuracy and fairness.