With-Profits - governance

We’re committed to treating customers fairly and believe we should be completely transparent about how we manage our With-Profits business. The documents below show you how we manage your With-Profits investment and report our performance to you.

Principles and Practices of Financial Management

Our Principles and Practices of Financial Management (PPFM) detail how we manage your With-Profits investment. 

Principles and Practices of Financial Management (PDF - 259kb)(Opens new window)

Consumer Friendly Principles and Practices of Financial Management

We also produce Consumer Friendly versions of our PPFM (the CFPPFM) depending on the category of your With-Profits investment. This provides information on how we manage your With-Profits investment that is specific to you. There are three types to choose from:

CFPPFM - New Generation With-Profits (PDF - 925kb)(Opens new window)(Opens new window)(Opens new window)

CFPPFM - Unitised With-Profits (PDF - 575kb)(Opens new window)(Opens new window)(Opens new window)

CFPPFM - Traditional With-Profits (PDF - 1015kb)(Opens new window)(Opens new window)(Opens new window)

Annual Report to With-Profits policyholders

Each year we produce a report to With-Profits investors detailing the operation of our With-Profits business. This includes a statement from our directors stating whether or not we believe we've complied with our stated Principles and Practices of Financial Management. 

Annual Report to With-Profits Policyholders (PDF - 212kb)(Opens new window)

With-Profits Committee terms of reference

The With-Profits Committee reviews the proposals of our management team and provides independent advice to the Board on the fair management of our With-Profits business. The document below provides details on their terms of reference.

With-Profits Committee Terms of Reference (PDF - 114kb)(Opens new window)

Our annual return to the Prudential Regulation Authority (PRA)

We are required to publish annual regulatory returns to the Prudential Regulation Authority (PRA).  Prior to the creation of the PRA (1 April 2013), our regulatory returns were submitted to the Financial Services Authority (FSA).

For the year ended 31 December 2015 (PDF - 1.6mb)(Opens new window)(Opens new window)(Opens new window)(Opens new window)

For the year ended 31 December 2014 (PDF - 1.5mb)(Opens new window)(Opens new window)(Opens new window)(Opens new window)

For the year ended 31 December 2013 (PDF - 1.4mb)(Opens new window)(Opens new window)(Opens new window)(Opens new window)

For the year ended 31 December 2012 (PDF - 2.4mb)(Opens new window)(Opens new window)(Opens new window)(Opens new window)

For the year ended 31 December 2011 (PDF - 2.4mb)(Opens new window)(Opens new window)(Opens new window)(Opens new window)