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Managing with-profits business

We’re committed to treating customers fairly and believe we should be completely transparent about how we manage our with-profits business. To help you understand with-profits and how we manage them we've produce a number of useful documents.

The value of an investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

Principles and Practices of Financial Management (PPFM)

The purpose of this document is to help you understand:

  • our with-profits investment
  • how we manage our with-profits business
  • how this business is governed

We last made changes to our PPFM on 1 August 2013, the updated PPFM covers our old, unitised and new generation with-profits funds.

Customer-friendly PPFMs

We've produced a customer-friendly version of the PPFM. This should be read with the full PPFM.

All investors who have access to our with-profits funds will receive a copy of the appropriate CFPPFM with their key features document. Our CFPPFM is split into three separate documents:

New generation with-profits funds guide

New generation/unitised with-profits funds guide

Old-style with-profits funds guide

Annual reports to with-profits planholders

The Financial Conduct Authority and the Prudential Regulation Authority requires us to produce a report each year stating whether or not we believe we've complied with our stated PPFM.