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 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equities | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
Property | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
Fixed Interest | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
Cash/Other | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
Assets | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equities | 52% | 51% | 50% | 50% | 48% | 50% | 51% | 49% | 49% | 56% | 59% | 56% | 60% | 62% | 65% | 62% | 62% |
Property | 7% | 8% | 9% | 9% | 11% | 9% | 8% | 8% | 8% | 13% | 15% | 16% | 15% | 15% | 15% | 15% | 15% |
Fixed Interest | 40% | 38% | 37% | 37% | 38% | 40% | 39% | 41% | 40% | 30% | 22% | 25% | 20% | 18% | 17% | 18% | 20% |
Cash/Other | 1% | 4% | 4% | 4% | 3% | 1% | 2% | 2% | 3% | 1% | 4% | 3% | 5% | 5% | 3% | 5% | 3% |
Assets | % |
---|---|
UK Equities |
12.0% |
US Equities |
12.5% |
European Equities |
5.1% |
Japanese Equities |
5.3% |
Asia Pacific Equities |
6.5% |
Emerging Market Equities |
4.9% |
UK Gilts |
12.5% |
US Treasuries |
3.7% |
UK Corporate Bonds |
10.7% |
Overseas Corporate Bonds |
7.8% |
High Yield Corporate Bonds |
5.3% |
Property |
6.1% |
Alternative Assets |
1.1% |
Dynamic Real Return | 5.2% |
Cash/Other |
1.3% |
Assets | % |
---|---|
UK Equities |
12.0% |
US Equities |
12.5% |
European Equities |
5.1% |
Japanese Equities |
5.3% |
Asia Pacific Equities |
6.5% |
Emerging Market Equities |
4.9% |
UK Gilts |
12.5% |
US Treasuries |
3.7% |
UK Corporate Bonds |
10.7% |
Overseas Corporate Bonds |
7.8% |
High Yield Corporate Bonds |
5.3% |
Property |
6.1% |
Alternative Assets |
1.1% |
Dynamic Real Return | 5.2% |
Cash/Other |
1.3% |
Assets | Benchmark |
---|---|
UK Equities |
11.50% |
US Equities |
11.50% |
European Equities |
4.60% |
Japanese Equities |
4.60% |
Asia Pacific Equities |
4.60% |
Emerging Market Equities |
4.60% |
UK Gilts |
13.80% |
US Government Bonds |
4.60% |
Corporate Bonds (Investment Grade) |
9.20% |
Overseas Corporate Bonds |
6.90% |
High Yield Corporate Bonds |
4.60% |
Property |
9.00% |
Alternative Assets |
3.00% |
Dynamic Real Return | 5.00% |
Cash/Other |
2.50% |
Assets | % |
---|---|
UK Equities |
24.3% |
Overseas Equities | 5.7% |
Corporate Bonds (Investment Grade) |
25.0% |
High Yield Corporate Bonds |
5.0% |
Property |
40.0% |
Assets | % |
---|---|
UK Equities |
24.3% |
Overseas Equities | 5.7% |
Corporate Bonds (Investment Grade) |
25.0% |
High Yield Corporate Bonds |
5.0% |
Property |
40.0% |
Assets | Cautious | Balanced | Growth |
---|---|---|---|
Equities |
8.9% | 31.2% | 80.0% |
Fixed Interest (Gilts + Cash) |
80.0% | 20.7% | 3.4% |
Corporate Bonds (Investment Grade) |
0.0% | 6.4% | 1.1% |
High Yield Corporate Bonds |
0.0% | 2.9% | 0.5% |
Property |
10.0% | 35.0% |
10.0% |
Dynamic Real Return | 1.1% | 3.8% | 5.0% |
Assets | Cautious | Balanced | Growth |
---|---|---|---|
Equities |
8.9% | 31.2% | 80.0% |
Fixed Interest (Gilts + Cash) |
80.0% | 20.7% | 3.4% |
Corporate Bonds (Investment Grade) |
0.0% | 6.4% | 1.1% |
High Yield Corporate Bonds |
0.0% | 2.9% | 0.5% |
Property |
10.0% | 35.0% |
10.0% |
Dynamic Real Return | 1.1% | 3.8% | 5.0% |
Assets | Benchmark |
---|---|
Equities |
31.20% |
Fixed Interest (Gilts + Cash) |
20.70% |
Corporate Bonds (Investment Grade) |
6.40% |
Corporate Bonds (High Yield) |
2.90% |
Property |
35.00% |
Dynamic Real Return | 3.80% |
Assets | Benchmark |
---|---|
Equities |
8.90% |
Fixed Interest (Gilts + Cash) |
80.00% |
Corporate Bonds (Investment Grade) |
0.00% |
Corporate Bonds (High Yield) |
0.00% |
Property |
10.00% |
Dynamic Real Return | 1.10% |
Assets | Benchmark |
---|---|
Equities |
80.00% |
Fixed Interest (Gilts + Cash) |
3.40% |
Corporate Bonds (Investment Grade) |
1.10% |
Corporate Bonds (High Yield) |
0.50% |
Property |
10.00% |
Dynamic Real Return | 5.00% |
Assets | Cautious | Balanced | Managed Growth |
---|---|---|---|
UK Equities |
7.0% | 11.0% | 13.9% |
European Equities |
3.5% | 5.8% | 7.3% |
US Equities |
7.3% | 11.1% | 14.5% |
Japan Equities |
2.3% | 3.8% | 4.3% |
Asia Pacific Equities | 4.4% | 6.8% | 8.2% |
Emerging Markets Equities | 3.5% | 5.8% | 7.2% |
Property |
2.9% | 4.9% | 6.7% |
UK Gilts |
12.0% | 8.0% | 4.5% |
UK Corporate Bonds |
19.9% | 13.5% | 9.6% |
Dynamic Real Return | 3.0% | 5.0% | 7.1% |
High Yield Corporate Bonds |
7.5% | 5.6% | 3.5% |
US Treasuries | 6.3% | 4.0% | 2.4% |
Overseas Corporate Bonds |
19.7% | 13.8% | 9.8% |
Cash/Other | 0.7% | 0.9% | 1.0% |
Assets | Cautious | Balanced | Managed Growth |
---|---|---|---|
UK Equities |
7.0% | 11.0% | 13.9% |
European Equities |
3.5% | 5.8% | 7.3% |
US Equities |
7.3% | 11.1% | 14.5% |
Japan Equities |
2.3% | 3.8% | 4.3% |
Asia Pacific Equities | 4.4% | 6.8% | 8.2% |
Emerging Markets Equities | 3.5% | 5.8% | 7.2% |
Property |
2.9% | 4.9% | 6.7% |
UK Gilts |
12.0% | 8.0% | 4.5% |
UK Corporate Bonds |
19.9% | 13.5% | 9.6% |
Dynamic Real Return | 3.0% | 5.0% | 7.1% |
High Yield Corporate Bonds |
7.5% | 5.6% | 3.5% |
US Treasuries | 6.3% | 4.0% | 2.4% |
Overseas Corporate Bonds |
19.7% | 13.8% | 9.8% |
Cash/Other | 0.7% | 0.9% | 1.0% |
Assets | Benchmark |
---|---|
UK Equities |
11.00% |
European Equities |
5.50% |
US Equities |
11.00% |
Japan Equities |
3.50% |
Asia Pacific Equities |
5.50% |
Emerging Markets Equities |
5.50% |
Property |
5.00% |
UK Gilts |
10.00% |
UK Corporate Bonds |
13.00% |
Dynamic Real Return |
5.00% |
High Yield Corporate Bonds |
5.00% |
US Treasuries |
5.00% |
Overseas Corporate Bonds |
13.00% |
Cash | 2.00% |
Where | |
Total Equities and Property |
47.00% |
Assets | Benchmark |
---|---|
UK Equities |
7.00% |
European Equities |
3.25% |
US Equities |
7.00% |
Japan Equities |
2.00% |
Asia Pacific Equities |
3.25% |
Emerging Markets Equities |
3.25% |
Property |
3.00% |
UK Gilts |
14.00% |
UK Corporate Bonds |
19.00% |
Dynamic Real Return |
3.00% |
High Yield Corporate Bonds |
7.00% |
US Treasuries |
7.25% |
Overseas Corporate Bonds |
19.00% |
Cash | 2.00% |
Where | |
Total Equities and Property |
28.75% |
Assets | Benchmark |
---|---|
UK Equities | 14.00% |
European Equities |
7.00% |
US Equities |
14.00% |
Japan Equities |
4.00% |
Asia Pacific Equities |
7.00% |
Emerging Markets Equities |
7.00% |
Property |
7.00% |
UK Gilts |
6.50% |
UK Corporate Bonds |
9.00% |
Dynamic Real Return |
7.00% |
High Yield Corporate Bonds |
3.00% |
US Treasuries |
3.50% |
Overseas Corporate Bonds |
9.00% |
Cash | 2.00% |
Where | |
Total Equities and Property |
60.00% |