With-Profits Policy

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With-Profits Policy

A chiefly British and Commonwealth term for a participating policy.
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References in periodicals archive ?
KARACHI -- State Life declares 97.5% of its actuarial surplus as Bonus to with-profit policy holders every year.
A statement here on Tuesday said that the State Life declared 97.5% of its actuarial surplus as Bonus to with-profit policy holders every year.
The insurance giant told with-profit policy holders it was maintaining or increasing annual bonuses on policies after the fund achieved a 13.4% return over the last year.
So the typical with-profit policy offered a guaranteed return known as the sum assured.
THE Hibernian Life and Pensions company is reducing bonus payments to the estimated 85,000 with-profit policy holders on its books.
And if it is a with-profit policy, terminal bonus payments are made.
The pattern was set five years ago when Abbey National took over the poorly- performing Scottish Mutual and paid extra bonuses to with-profit policy holders.
As well as the first group of windfall payments, the company will, over time, distribute a further pounds 1.4billion to with-profit policy holders.
Around 150 staff, based mainly at the company's offices in Wythall, will lose their jobs, leaving 1,350 dedicated to servicing the needs of Britannic's 1.1 million existing with-profit policy holders.