Our With Profits fund is invested in a range of assets, as will be seen from our Reports and Accounts. (Only about 2% of our assets are held to meet other types of business.)

By investing substantially in equities, and to a lesser extent in property, we aim to improve significantly on the returns available on bonds. However, we still keep about 40% of our funds in government bonds to provide the necessary security for the benefits that we guarantee to pay - the Sum Assured and all Annual Bonuses so far added to members' contracts. We are proud of our 'past performance' - that is, the returns we have achieved for our members.

Considerable detail of how we manage the fund and members' benefits in given in full Principles and Practices of Financial Management; the 'Consumer Friendly' summary is aimed at explaining the salient points. These documents explain that we adopt a more cautious investment strategy for the 5 year plan. Other products, such as the ISA, have more exposure to the profit potential of equities - as well as receiving enhanced bonuses that reflect their tax privileged status.

For further details please see the documents on the right.