AKG has published a new reference resource – With Profits Brands, Where Are They Now? – designed to help paraplanners track the location of With profits funds which may have been subject to M&A activity over the years.
The resource is available to download for free at https://www.akg.co.uk/downloads.
AKG has been publishing its annual series of UK Life Office With Profits Reports for over two decades, during which time the market has gone through many changes, not least the raft of mergers and acquisitions (M&A) which have occurred.
This can mean that clients will have lost touch with who is managing their with profits policies over the passage of time and in some circumstances their policies will have been caught up in not just one but multiple M&A activities.
The simple listings are designed to show ‘Original Brand’, ‘Current Group’ and ‘Current Company Name’.
Matt Ward of AKG says: “Intermediary firms, during client factfinding or annual review discussions may experience queries such as: “In the year dot I took out a with profits policy with Long Gone Mutual Assurance but have since lost track of where this money is held. Where on Earth is it?”
“Well, this reference document from AKG will hopefully help with the answer to this type of query.
“Despite a vastly altered with profits market landscape we know that the amount of with profits business in-force remains considerable (with profits technical provisions totalling nearly £255bn at the end of 2019 [2018: £257bn]).
“As such fielding with profits related queries is unlikely to be an isolated exercise.”