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AKG Update Issue 30
21 December 2016
Merry Christmas from AKG

As 2016 draws to a close, it’s fair to reflect that it has been quite a year of change and uncertainty in the financial services sector. With much of this change and uncertainty caused by environmental/political factors, such as the Brexit vote and the Trump election victory. For many it will no doubt feel like we’ve had more than our fair share of shock events in a 12 month period and that the year has passed by in something of a blur.

It’s important to note that this has also built on a period of industry change which has been taking place over the past 2 or 3 years with key ‘big ticket’ items including changing demographics, technological advancements, the advance of RDR and the introduction of pension freedoms.

What then does 2017 hold in store as AKG considers how companies across our four assessment sectors ( will respond and evolve?

In many ways the environmental/political change of 2016 really just opened the door for change and only in 2017 will we see, or rather begin to see, what that change means for the UK and companies operating here.

However in relation to some of the other areas of change referenced we would expect to see some areas of progression from companies who have been through the ‘shutters down’ reflection and development phases and are ready to respond and engage with the market more fully again. In particular some of the digital enhancement resource and spend should start to come to fruition during 2017 and 2018.

Interesting, exciting, and challenging are all words which will again apply to financial services in 2017.

But until we get there, on behalf of AKG, I would simply wish one and all a well-earned festive break.

Merry Christmas and a Happy New Year.

Guy Vanner

AKG's Managing Director
AKG launches 2016 With Profits Reports

AKG is delighted to announce the recent launch of its 2016 UK Life Office With Profits Reports.

Who are the reports designed for and why?

These reports are designed to assist advisers and providers in assessing the relative merits of specific with profits funds. The aim is to provide comprehensive, structured and consistent information, accompanied by AKG's key analytical assessments of with profits financial strength, future performance and transparency.

What is the size of the with profits market?

The amount of with profits business in-force remains considerable (with profits assets totalling over £306 billion at the end of 2015).

What funds and firms are covered?

The reports contain analysis and assessments of 189 sub-funds within 75 funds within 28 firms that will be active in the UK market at the end of December 2016 (from 25 different groups). The reports are confined to those providers whose products conform to a statutory definition of with profits and includes individual reports and comments on those providers whose with profits funds exceed £100m, supplemented by smaller companies and friendly societies operating in the intermediary market.

What is included in the reports?

Each individual report provides information on the structure and operation of a provider's with profits fund(s). It also highlights the various risks borne by with profits policyholders and concludes with AKG's long established Ratings for With Profits Financial Strength, With Profits Future Performance, and With Profits Transparency. A number of comparative industry-wide tables are also included, covering a range of key metrics.

Can I see the table of contents?

Of course you can, please click here to get a copy of the table of contents.

How much do the reports cost?

£2,050 plus VAT.

How can I purchase a copy of the reports?

The reports can be purchased and downloaded directly from here.

Alternatively you can purchase by email to and payment can be settled by invoice.

And if you have any questions…

…please get in touch with us.

Matt Ward

AKG's Head of Communications
Rating Activity

Life Companies, Friendly Societies & Similar Providers

AIG Life Ltd
Overall Financial Strength
B [Confirmed] Issued 7 Dec 2016

B & C E Financial Services Limited
Overall Financial Strength
B [Confirmed] Issued 7 Dec 2016

Forester Life Ltd
Overall Financial Strength
B- [Confirmed] Issued 16 Dec 2016

National Deposit Friendly Society Ltd
Overall Financial Strength
C [Confirmed] Issued 8 Dec 2016

Note: This section refers solely to our Overall Financial Strength Ratings/Platform Financial Strength Ratings/DFM Financial Strength Ratings.
Report Releases

With Profits Reports

UK Life Office With Profits Reports
Full Set of Reports – Issued 14 Dec 2016

Company Profile & Financial Strength Reports

Full Report – Issued 7 Dec 2016

Full Report – Issued 7 Dec 2016

Foresters Financial
Short Report – Issued 16 Dec 2016

National Friendly
Short Report – Issued 8 Dec 2016
Report Withdrawals
No reports have been withdrawn since our last Update.
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