We want to make it transparent to our policyholders about where their money is being invested. This page looks at the spread of investment and the breakdown of the share of our With-Profits Fund. It also shows the target asset mix and the permitted range for each asset type
Assets | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equities | 52% | 53% | 52% | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
Property | 6% | 7% | 7% | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
Fixed Interest | 40% | 39% | 40% | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
Cash/Other | 2% | 1% | 1% | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
Assets | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equities | 52% | 53% | 52% | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
Property | 6% | 7% | 7% | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
Fixed Interest | 40% | 39% | 40% | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
Cash/Other | 2% | 1% | 1% | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
Assets | % |
---|---|
UK Equities |
6.9% |
UK Sustainable Equities |
2.9% |
Global Sustainable Equities |
2.9% |
US Equities |
6.9% |
European Equities |
6.5% |
Japanese Equities |
5.6% |
Asia Pacific Equities |
5.9% |
Emerging Market Equities |
5.7% |
UK Gilts |
7.7% |
US Treasuries |
7.2% |
Corporate Bonds (Investment Grade) |
10.6% |
Overseas Corporate Bonds |
10.9% |
High Yield Corporate Bonds |
4.8% |
Property |
6.5% |
Alternative Assets |
0.6% |
Dynamic Real Return | 6.9% |
Cash/Other |
1.5% |
Assets | % |
---|---|
UK Equities |
6.9% |
UK Sustainable Equities |
2.9% |
Global Sustainable Equities |
2.9% |
US Equities |
6.9% |
European Equities |
6.5% |
Japanese Equities |
5.6% |
Asia Pacific Equities |
5.9% |
Emerging Market Equities |
5.7% |
UK Gilts |
7.7% |
US Treasuries |
7.2% |
Corporate Bonds (Investment Grade) |
10.6% |
Overseas Corporate Bonds |
10.9% |
High Yield Corporate Bonds |
4.8% |
Property |
6.5% |
Alternative Assets |
0.6% |
Dynamic Real Return | 6.9% |
Cash/Other |
1.5% |
Assets | Benchmark |
---|---|
UK Equities |
6.80% |
UK Sustainable Equities | 2.90% |
Global Sustainable Equities | 2.90% |
US Equities | 6.80% |
European Equities |
6.80% |
Japanese Equities |
5.30% |
Asia Pacific Equities |
5.80% |
Emerging Market Equities |
5.80% |
UK Gilts |
6.80% |
US Treasuries | 6.80% |
Corporate Bonds (Investment Grade) |
10.60% |
Overseas Corporate Bonds |
10.60% |
High Yield Corporate Bonds |
4.80% |
Property |
7.40% |
Alternative Assets |
0.00% |
Dynamic Real Return | 7.20% |
Cash/Other |
2.90% |
Assets | % |
---|---|
UK Equities |
7.0% |
UK Sustainable Equities | 2.5% |
Global Sustainable Equities | 2.5% |
US Equities | 7.0% |
European Equities | 7.0% |
Japanese Equities | 5.0% |
Asia Pacific Equities | 6.0% |
Emerging Market Equities | 6.0% |
UK Gilts | 8.0% |
US Treasuries | 8.0% |
Corporate Bonds (Investment Grade) | 10.0% |
Overseas Corporate Bonds | 10.0% |
High Yield Corporate Bonds | 6.5% |
Property | 5.0% |
Dynamic Real Return | 7.5% |
Cash/Other | 2.0% |
Assets | % |
---|---|
UK Equities |
7.0% |
UK Sustainable Equities | 2.5% |
Global Sustainable Equities | 2.5% |
US Equities | 7.0% |
European Equities | 7.0% |
Japanese Equities | 5.0% |
Asia Pacific Equities | 6.0% |
Emerging Market Equities | 6.0% |
UK Gilts | 8.0% |
US Treasuries | 8.0% |
Corporate Bonds (Investment Grade) | 10.0% |
Overseas Corporate Bonds | 10.0% |
High Yield Corporate Bonds | 6.5% |
Property | 5.0% |
Dynamic Real Return | 7.5% |
Cash/Other | 2.0% |
Assets | Cautious | Balanced | Growth |
---|---|---|---|
UK Equities |
4.2% | 7.2% | 10.2% |
UK Sustainable Equities | 1.6% | 2.5% | 3.1% |
Global Sustainable Equities | 1.6% | 2.5% | 3.1% |
European Equities | 3.8% | 6.8% | 8.9% |
US Equities | 4.0% | 7.2% | 10.2% |
Japanese Equities | 3.2% | 5.3% | 3.8% |
Asia Pacific Equities | 4.0% | 6.1% | 7.6% |
Emerging Market Equities | 3.9% | 5.9% | 7.4% |
Property | 4.1% | 4.5% | 6.0% |
UK Gilts | 10.7% | 8.5% | 5.5% |
UK Corporate Bonds | 16.0% | 10.3% | 7.9% |
Dynamic Real Return | 7.2% | 7.2% | 7.1% |
High Yield Corporate Bonds | 7.5% | 6.5% | 4.0% |
US Treasuries | 10.2% | 8.3% | 5.5% |
Overseas Corporate Bonds | 16.3% | 10.3% | 8.2% |
Cash/Other | 1.7% | 0.9% | 1.5% |
Assets | Cautious | Balanced | Growth |
---|---|---|---|
UK Equities |
4.2% | 7.2% | 10.2% |
UK Sustainable Equities | 1.6% | 2.5% | 3.1% |
Global Sustainable Equities | 1.6% | 2.5% | 3.1% |
European Equities | 3.8% | 6.8% | 8.9% |
US Equities | 4.0% | 7.2% | 10.2% |
Japanese Equities | 3.2% | 5.3% | 3.8% |
Asia Pacific Equities | 4.0% | 6.1% | 7.6% |
Emerging Market Equities | 3.9% | 5.9% | 7.4% |
Property | 4.1% | 4.5% | 6.0% |
UK Gilts | 10.7% | 8.5% | 5.5% |
UK Corporate Bonds | 16.0% | 10.3% | 7.9% |
Dynamic Real Return | 7.2% | 7.2% | 7.1% |
High Yield Corporate Bonds | 7.5% | 6.5% | 4.0% |
US Treasuries | 10.2% | 8.3% | 5.5% |
Overseas Corporate Bonds | 16.3% | 10.3% | 8.2% |
Cash/Other | 1.7% | 0.9% | 1.5% |
Assets | Benchmark |
---|---|
UK Equities | 7.00% |
UK Sustainable Equities | 2.50% |
Global Sustainable Equities | 2.50% |
European Equities | 7.00% |
US Equities | 7.00% |
Japan Equities | 5.00% |
Asia Pacific Equities | 6.00% |
Emerging Markets Equities | 6.00% |
Property | 5.00% |
UK Gilts | 8.00% |
UK Corporate Bonds | 10.00% |
Dynamic Real Return | 7.50% |
High Yield Corporate Bonds | 6.50% |
US Treasuries | 8.00% |
Overseas Corporate Bonds | 10.00% |
Cash/Other | 2.00% |
Where | |
Total Equities and Property | 48.00% |
Assets | Benchmark |
---|---|
UK Equities |
4.00% |
UK Sustainable Equities | 1.50% |
Global Sustainable Equities |
1.50% |
European Equities | 4.00% |
US Equities | 4.00% |
Japan Equities | 3.00% |
Asia Pacific Equities | 4.00% |
Emerging Markets Equities | 4.00% |
Property | 5.00% |
UK Gilts | 10.00% |
UK Corporate Bonds | 16.00% |
Dynamic Real Return | 7.50% |
High Yield Corporate Bonds | 7.50% |
US Treasuries | 10.00% |
Overseas Corporate Bonds | 16.00% |
Cash/Other | 2.00% |
Where | |
Total Equities and Property | 31.00% |
Assets | Benchmark |
---|---|
UK Equities |
10.00% |
UK Sustainable Equities | 3.00% |
Global Sustainable Equities | 3.00% |
European Equities | 9.00% |
US Equities | 10.00% |
Japan Equities | 3.50% |
Asia Pacific Equities | 7.50% |
Emerging Markets Equities | 7.50% |
Property | 7.00% |
UK Gilts | 5.00% |
UK Corporate Bonds | 8.00% |
Dynamic Real Return | 7.50% |
High Yield Corporate Bonds | 4.00% |
US Treasuries | 5.00% |
Overseas Corporate Bonds | 8.00% |
Cash/Other | 2.00% |
Where | |
Total Equities and Property | 60.50% |
Actual allocations will differ within a range permitted by our investment mandates
Assets | Cautious | Balanced | Growth |
---|---|---|---|
UK Equities | 1.5% | 7.0% | 10.0% |
UK Sustainable Equities | 1.0% | 2.5% | 3.0% |
Global Sustainable Equities | 1.0% | 2.5% | 3.0% |
US Equities | 2.0% | 7.0% | 10.0% |
European Equities | 3.0% | 7.0% | 9.0% |
Japanese Equities | 2.5% | 5.0% | 3.5% |
Asia Pacific Equities | 0.0% | 6.0% | 7.5% |
Emerging Market Equities | 0.0% | 6.0% | 7.5% |
UK Gilts | 13.0% | 8.0% | 5.0% |
US Treasuries | 13.0% | 8.0% | 5.0% |
Corporate Bonds (Investment Grade) | 18.0% | 10.0% | 8,0% |
Overseas Corporate Bonds | 18.0% | 10.0% | 8.0% |
High Yield Corporate Bonds | 5.0% | 6.5% | 4.0% |
Property | 7.0% | 5.0% | 7.0% |
Dynamic Real Return | 10.0% | 7.5% | 7.5% |
Cash/Other | 5.0% | 2.0% | 2.0% |
Assets | Cautious | Balanced | Growth |
---|---|---|---|
UK Equities | 1.5% | 7.0% | 10.0% |
UK Sustainable Equities | 1.0% | 2.5% | 3.0% |
Global Sustainable Equities | 1.0% | 2.5% | 3.0% |
US Equities | 2.0% | 7.0% | 10.0% |
European Equities | 3.0% | 7.0% | 9.0% |
Japanese Equities | 2.5% | 5.0% | 3.5% |
Asia Pacific Equities | 0.0% | 6.0% | 7.5% |
Emerging Market Equities | 0.0% | 6.0% | 7.5% |
UK Gilts | 13.0% | 8.0% | 5.0% |
US Treasuries | 13.0% | 8.0% | 5.0% |
Corporate Bonds (Investment Grade) | 18.0% | 10.0% | 8,0% |
Overseas Corporate Bonds | 18.0% | 10.0% | 8.0% |
High Yield Corporate Bonds | 5.0% | 6.5% | 4.0% |
Property | 7.0% | 5.0% | 7.0% |
Dynamic Real Return | 10.0% | 7.5% | 7.5% |
Cash/Other | 5.0% | 2.0% | 2.0% |
Actual allocations will differ within a range permitted by our investment mandates
Assets | Extra Cautious | Cautious | Balanced | Growth | Impact Growth |
---|---|---|---|---|---|
UK Gilts | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
US Treasuries | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
UK Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
DM Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
High Yield Bonds | 5.0% | 7.5% | 6.5% | 4.0% | 7.0% |
UK Equities | 1.5% | 4.0% | 7.0% | 10.0% | - |
US Equities | 2.0% | 4.0% | 7.0% | 10.0% | - |
European Equities | 3.0% | 4.0% | 7.0% | 9.0% | - |
Japanese Equities | 2.5% | 3.0% | 5.0% | 3.5% | - |
APAC ex Japan Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
EM Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
UK Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
Global Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
Global Equity ESG fund | - | - | - | - | 25.0% |
Cash | 5.0% | 2.0% | 2.0% | 2.0% | 2.0% |
Dynamic Real Return | 10.0% | 7.5% | 7.5% | 7.5% | - |
Property | 7.0% | 5.0% | 5.0% | 7.0% | 5.0% |
Total Equities and Property | 23.0% | 34.8% | 51.8% | 64.3% | 70.0% |
Assets | Extra Cautious | Cautious | Balanced | Growth | Impact Growth |
---|---|---|---|---|---|
UK Gilts | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
US Treasuries | 13.0% | 10.0% | 8.0% | 5.0% | 3.5% |
UK Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
DM Corporate Bonds | 18.0% | 16.0% | 10.0% | 8.0% | 7.0% |
High Yield Bonds | 5.0% | 7.5% | 6.5% | 4.0% | 7.0% |
UK Equities | 1.5% | 4.0% | 7.0% | 10.0% | - |
US Equities | 2.0% | 4.0% | 7.0% | 10.0% | - |
European Equities | 3.0% | 4.0% | 7.0% | 9.0% | - |
Japanese Equities | 2.5% | 3.0% | 5.0% | 3.5% | - |
APAC ex Japan Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
EM Equities | - | 4.0% | 6.0% | 7.5% | 10.0% |
UK Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
Global Sustainable | 1.0% | 1.5% | 2.5% | 3.0% | 10.0% |
Global Equity ESG fund | - | - | - | - | 25.0% |
Cash | 5.0% | 2.0% | 2.0% | 2.0% | 2.0% |
Dynamic Real Return | 10.0% | 7.5% | 7.5% | 7.5% | - |
Property | 7.0% | 5.0% | 5.0% | 7.0% | 5.0% |
Total Equities and Property | 23.0% | 34.8% | 51.8% | 64.3% | 70.0% |