The latter cannot be demutualised as the law stands at present. These mutuals became rock solid features of family finance and it was not until the Thatcher government changed the law that any change could take place. Suddenly the goal posts were moved. It was another money for nothing bonanza. No-one cared about the consequences, it was a matter of just give us the money now .
Mutuality is a fuzzy concept.
Mutuality is not virtuous in itself. It depends who benefits. Some mutual organisations act against the public interest. The main purpose of BUPA is to enable people to jump the queue for hospital treatment. Mutualism is a fuzzier concept than socialism.