An introduction to with profits.

We have two different customer friendly guides explaining how we manage with profits investments. These are:

• An introduction to unitised with profits
  • Read this if your plan number starts with UK, US, U, UP, 2, 3, 4 or 5.
• An introduction to conventional with profits
  • Read this if your plan number starts with 0, 0T0, G or P.

To get a paper copy of our guide, please call us on 0370 0500 263 and we’ll send you one.

Call charges will vary. We may record and monitor calls.

Read more on our principles and practices of financial management

The Financial Services Authority (FSA) rules for the governance of with profits business require us to publish Principles and Practices of Financial Management (PPFM). It contains a more detailed description of our approach to managing with profits. Use the Principles and Practices of Financial Management to find out more information.

We last made changes to the PPFM in 2007. Please see our Notification of changes to our Principles and Practices of Financial Management for more information.

In June 2011 the Board of Directors reported to policyholders on compliance with the PPFM for the period 1 January 2010 to 31 December 2010. Use the Board Report on Compliance 2010 to find out more information. In June 2012 the Board of Directors will report to policyholders on compliance with the PPFM for the period 1 January 2011 to 31 December 2011. The Board Report on Compliance 2011 will be published here by 30 June 2012.

For historic information on our PPFM, please read our History of PPFM.

Investment Management Review 2011

We are committed to providing consistent attractive long-term returns for our investors. In 2007 we wrote to you and told you we now have the right to use investment managers other than Legal & General Investment Management (LGIM) in certain circumstances. During 2010 we appointed two new investment managers, Lazard Asset Management Limited and Marathon Asset Management LLP, to manage some of the With Profits Fund's Japanese equity investments. Read the Investment Management Review update for more information. We continue to retain these external managers and to review the performance of all assets, both externally placed and with LGIM, on a regular basis to ensure they are invested in the best interests of policyholders.

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