With-Profits Funds

In a With-Profits Fund the money you pay in is added together with the investments of other customers.

This is then invested in a mixture of shares, bonds, property and cash. We currently have around £3.7 billion invested in our With-Profits Funds.

All our With-Profits investments are subject to a 'smoothing' process. In simple terms, some of the investment returns are kept back in the years when the fund does well and used to boost the returns in years when it does poorly.

We aim to grow the value of your investment through the addition of annual bonuses. The level of bonus we pay changes and is not guaranteed. You may also benefit from a 'terminal' bonus when you take your money out of a With-Profits fund.

We aim to pay a smooth level of returns each year. However, it's important to remember that the value of the investment can go down and you may get back less than invested.

All of the features of With-Profits are explained further on the web page, 'Features of With-Profits'. 

You can find out more about our With-Profts funds on the following web pages:

• Annual Bonus Rates
• Principles and Practices of Financial Management (PPFM)
• How we manage the With-Profits Fund
• With-Profits Documents

We offer a number of With-Profits options, depending on the products you invest in. Each invests in a different mix of assets designed to meet different differing risk appetites.

NFU Mutual Financial Advisers can guide you through the things you need to consider when investing your money.

How are NFU Mutual's With-Profits funds invested?

NFU Mutual’s With-Profits funds invest in a broad mix of assets both in the UK and abroad. The assets include company shares, property, fixed interest securities and deposits. Below we show how each of our funds was invested as at 01/07/2024.

It is possible that changes have occurred since that date, resulting from market movements, the investment of new money and changes in our general investment strategy.

Take a look at our With-Profits guides for more information.

Risk Level 3 With-Profits Funds

The asset mix backing our Risk Level 3 with-profits liabilities was as follows:

The mix of security ratings (the second highest if there is more than one rating) for our Risk Level 3 corporate bonds was as follows:

Risk Level 2 With-Profits Funds (applies to Select Pension Plan only)

The asset mix backing the Risk Level 2 with-profits liabilities was as follows:

The mix of security ratings (the second highest if there is more than one rating) for our Risk Level 2 corporate bonds was as follows:

The asset mixes above were correct at 01/07/2024. It is possible that changes have occurred since that date, resulting from market movements, the investment of new money and changes in our general investment strategy.

Capital Access Bond

The asset mix backing the Capital Access Bond at 01/07/2024 was as follows:

*Floating Rate Notes are bonds that have a variable coupon.