With-Profits Policy

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With-Profits Policy

A chiefly British and Commonwealth term for a participating policy.
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The FSA is calling on firms to take action to increase consumers's confidence that they will be treated fairly, and suggests firms should set up a with-profits fund committee to ensure policyholders needs are taken into account.
Prudential is adding pounds 2.7 billion in bonuses for 2007 to the value of its customers' with-profits policies after a year when its with-profits fund delivered an investment return of 7.2 per cent, despite volatile world stock markets and the credit crunch.
Q IF my with-profits fund is closed to new business, what does that mean?
Its refusal to get sucked into the boom in internet, telecoms and media stocks in the late 1990s meant it was able to maintain a high level of investment (more than 70 per cent) in equities in the threeyear bear market following the millennium and its with-profits fund has since reaped the benefit of the overall recovery.
The group added that it was continuing to distribute surplus money built up in the with-profits fund, known as the inherited estate, to eligible policyholders whose investments had matured or been surrendered, although the actual payouts varied.
The general view is that Equitable's with-profits fund will grow less quickly than many other companies' because it will be managed more conservatively.
The with-profits annuity book represents about 20 per cent of Equitable's with-profits fund and consists of 62,000 policyholders.
Standard Life said the value of its with-profits fund fell 10.2pc last year, reflecting a 15.8pc drop in the UK stock market.
Prudential claims an estimated pounds 22 billion has been added to the value of its with-profits fund since 2002; its fund is up 92.7 per cent in ten years, against a 59.5 per cent rise in the FTSE All-Share index.
Prudential claims an estimated pounds 22 billion has been added to the value of its with-profits fund since 2002; its fund is up 92.7% in 10 years, against a 59.5% rise in the FTSE All-Share index.
Prudential claims an estimated pounds 22bn has been added to the value of its with-profits fund since 2002; its fund is up 92.7% in 10 years, against a 59.5% rise in the FTSE All-Share index.
Worth pounds 26bn in its prime, it now has around 200,000 with-profits policyholders and a pounds 5.48bn with-profits fund. The society recently announced that it was returning hundreds of millions of pounds to policyholders, after successfully rebuilding its capital position following a decade of uncertainty.