G.D. Clay, R. Frankland, A.D. Horn, J.F. Hylands, C.M. Johnson, R.A. Kerry, J.R. Lister, R.L. Loseby
Abstract:ABSTRACTWith-profits business has flourished for over a century as a means of providing access to equity-type investment whilst smoothing the volatility risk. Today's world demands greater transparency, and with-profits has come under increasing criticism in this regard. The Working Party concludes that it remains good value as an investment vehicle and suggests how its transparency can be significantly improved.The paper first analyses the characteristics of with-profits, which it notes has been permitted for…
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