With-Profits asset mix - Fund information
Here you'll find details of our asset mix and the investment returns of our With-Profits funds over the last five years:
Click on the funds below for more details:
Scottish Friendly Main Fund
Asset Mix
The asset mix shown below are for the Scottish Friendly Main fund. Some legacy products (Scottish Bond Plus and MI Bond) followed a different investment strategy prior to 2025. Please contact us for further details.
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 8 | 8 | 10 | 10 | 32 |
| Overseas Equity | 38 | 33 | 32 | 38 | 19 |
| Property | 10 | 10 | 12 | 5 | 8 |
| Corporate Bonds | 22 | 23 | 16 | 16 | 27 |
| Government Bonds | 21 | 23 | 24 | 22 | 5 |
| Cash/Other | 1 | 3 | 6 | 9 | 9 |
Investment Returns
The investment returns shown below are for the Scottish Friendly Main fund. Some legacy products (Scottish Bond Plus and MI Bond) earned a different investment return prior to 2025. Please contact us for further details.
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | 7.7 | 9.9 | -18.4 | 8.7 | 12.7 |
Profit Share
We're a mutual organisation, meaning we're here for the benefit of our members. When you invest in the Main Fund, you become part of our story. Any profits (or losses) we make are shared with you.
For example, if you were invested throughout the entire 2024 calendar year, you would have enjoyed an additional 2% boost to your plan on top of the investment returns achieved.
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Investment uplift | 2.0 | 2.0 | 1.2 | 1.2 | 1.2 |
Marine & General Mutual
Asset Mix - Unitised with-profits
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 18 | 18 | 25 | 25 | 20 |
| Overseas Equity | 28 | 25 | 20 | 20 | 27 |
| Property | 9 | 9 | 14 | 12 | 8 |
| Corporate Bonds | 24 | 24 | 9 | 7 | 15 |
| Government Bonds | 21 | 21 | 15 | 15 | 15 |
| Cash/Other | 0 | 3 | 17 | 21 | 15 |
Investment Returns - Unitised with-profits
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | 5.2 | 6.9 | -7.5 | 8.3 | 4.2 |
Share of Surplus
The Marine & General Mutual sub-fund is being operated with the objective to distribute any available residual estate to those with-profits policyholders till in force. Distributions are made by uplifting the investment return applied to the underlying value of each policy’s assets as set out in the table below.
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Investment uplift | 4.25 | 2.5 | 1.5 | Nil | Nil |
Scottish Legal Life
Asset Mix - UK Written Business
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 24 | 24 | 31 | 30 | 21 |
| Overseas Equity | 21 | 19 | 15 | 15 | 16 |
| Property | 4 | 5 | 5 | 6 | 9 |
| Corporate Bonds | 22 | 22 | 11 | 10 | 23 |
| Government Bonds | 27 | 25 | 29 | 29 | 25 |
| Cash/Other | 2 | 5 | 9 | 10 | 6 |
Investment Returns - UK Written Business
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | 4.6 | 4.8 | -10.4 | 4.7 | 1.9 |
Share of Surplus – UK Written Business
The Scottish legal Life sub-fund is being operated with the objective to distribute any available residual estate to those with-profits policyholders till in force. Distributions are made by uplifting the investment return applied to the underlying value of each policy’s assets as set out in the table below.
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Investment uplift | 5.8 | 1.25 | 2.38 | 4.75 | 4.0 |
In addition to the investment uplifts in the table above, Scottish Legal Life policies are also eligible for a further uplift when their policy ends. We call this the exit bonus and it is reviewed at least annually by Scottish Friendly’s SFA board, but can be reviewed more frequently if the Board consider it appropriate. The historical exit bonus rates are below:
| Before January 2024: | Zero |
| From January 2024: | 10.0% |
Manulife
Asset Mix
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 8 | 8 | 9 | 9 | 8 |
| Overseas Equity | 0 | 0 | 0 | 0 | 0 |
| Property | 8 | 11 | 12 | 11 | 10 |
| Corporate Bonds | 13 | 10 | 7 | 5 | 11 |
| Government Bonds | 71 | 73 | 78 | 79 | 68 |
| Cash/Other | 0 | -2 | -6 | -4 | 3 |
Investment Returns
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | -3.7 | 1.9 | -21.5 | -1.5 | 4.5 |
Rational Shelley
Asset Mix
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 10 | 10 | 11 | 10 | 12 |
| Overseas Equity | 0 | 0 | 0 | 0 | 0 |
| Property | 0 | 0 | 0 | 0 | 0 |
| Corporate Bonds | 0 | 0 | 0 | 0 | 0 |
| Government Bonds | 90 | 90 | 89 | 90 | 88 |
| Cash/Other | 0 | 0 | 0 | 0 | 0 |
Investment Returns
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | -2.1 | 1.7 | -21.2 | -3.3 | 3.7 |
LANMAS
Asset Mix
| % | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2022 | 31 Dec 2021 | 31 Dec 2020 |
| UK Equity | 18 | 18 | 26 | 25 | 18 |
| Overseas Equity | 18 | 18 | 15 | 15 | 18 |
| Property | 0 | 0 | 0 | 0 | 0 |
| Corporate Bonds | 24 | 23 | 7 | 7 | 3 |
| Government Bonds | 35 | 36 | 37 | 38 | 47 |
| Cash/Other | 5 | 5 | 15 | 15 | 14 |
Investment Returns
| % | 2024 | 2023 | 2022 | 2021 | 2020 |
| Gross Return | 3.9 | 6.1 | -11.8 | 4.5 | 6.2 |