With-Profits funds

Here you'll find details of our asset mix and the investment returns within our With-Profits funds. 

You can also find out more about the fund; your friendly guide, what it is in simple terms, what happens if you take money out and how we manage our funds.

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Our With-Profits asset mix

The investment position of the With-Profits funds as at 31 December 2023 was approximately as follows:

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With-Profits fundsEquityGovernment bonds / cashCorporate bondsProperty
Scottish Friendly main fund45%23%21%11%
Rational Shelley10%90%0%0%
Scottish Legal Life, UK business43%30%22%5%
Scottish Legal Life, RoI business51%45%4%0%
Marine & General Mutual - CWP28%36%26%10%
Marine & General Mutual - UWP43%24%24%9%

Investment returns

The investment returns applied to the asset shares for the various With-Profits funds over 2023 were as follows:

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ReturnInvestment return applied to Asset Shares
Scottish Friendly9.1%
Rational Shelley4.0%
Scottish Legal Life, UK business5.9%
Scottish Legal Life, RoI business13.6%
Marine & General Mutual (UWP)7.6%
Marine & General Mutual (CWP)6.6%

Your friendly guide to our main With-Profits fund

With our handy guide, understanding 'With-Profits' investments will be a breeze. Here we explain briefly how our Main Fund works and our approach to managing it.

What a With-Profits fund is: in simple terms

Think of our With-Profits fund as a big pot where everyone's contributions come together. 

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What happens if you take money out?

If you have a Unitised With-Profits plan and take money out of the With-Profits fund, we may adjust the value of your plan, if the value of the underlying assets is less than the value of your plan including all bonuses.

This adjustment is known as a Market Value Reduction (MVR). It's designed to protect investors who are not taking their money out and it's application means that you get a return based on the earnings of the With-Profits fund over the period your payments have been invested.

Our Principles and Practices of Financial Management

Our Principles and Practices of Financial Management (PPFM) explain how we manage our With-Profits funds across each of our product types, including business acquired by Scottish Friendly, and ensure that customers are treated fairly.

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