Mutuals and plc’s are similar because they both exist to create value for their owners. The difference is how owners are distinguished. Ownership of a plc is defined by having shares in the company. Because we're a mutual ownership is defined by being a member, rather than a shareholder.
If a customer has a life insurance, protection, investment or retirement policy with us they automatically become a member and are entitled to a range of member benefits. Membership can’t be traded like shares so someone will continue to be a member until their member qualifying policy ends.