As we draw breath and say farewell to 2015 it would be fair to reflect on what has been a fast moving year.
The political backdrop included a general election with a less than predicted result and then a new Labour leader that few had imagined.
Against that there was significant legislative change affecting a wide range of financial services companies, in the form of the new Pension Freedoms. Taken together with other developments, such as ongoing Auto Enrolment rollout and increasing explorations into Digital, then a period of change and adjustment for financial services companies is certainly upon us.
There are many unknowns in trying to gauge how the market will play out, not least amongst these being evolving customer behaviour - changes in which are almost impossible to fully predict at present. But that there will be more change and significant change is certain. An ability for companies across AKG’s rating sectors to grasp customer needs and demonstrate agility in terms of responding to challenges and opportunities will prove to be a differentiator.
At a more detailed level the new year sees (finally) the move to Solvency II for insurers. This is in itself a big step and one which will have its own bearing in how, and with what, consumer needs are met.
So as we look into 2016 and a further time of change, on behalf of everyone at AKG, I would wish you a very Merry Christmas and a Happy New Year.
AKG's Managing Director
AKG launches 2015 With Profits Reports
AKG is delighted to announce the publication of its 2015 UK Life Office With Profits Reports, the 20th annual edition of this independent and respected with profits output. These reports are designed to assist advisers and other analysts to assess 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.
The reports provide an invaluable resource for intermediaries who are advising clients in the selection of with profits providers for new policies. Advice for in-force clients should be just as robust as it is for new business. Indeed evaluating existing with profits funds is an important part of an adviser's job and AKG's reports provide a wealth of relevant information and assessments.
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.
The reports contain analysis and assessments of 185 sub-funds within 72 funds within 30 firms that will be active in the UK market at the end of December 2015 (from 26 different groups). A number of comparative industry-wide tables are also included, covering a range of key metrics.
The 2015 UK Life Office With Profits Reports can be purchased for £1,950 plus VAT. Please click here to purchase and download your copy online.
If you have any queries about the reports please contact us.
AKG's Head of Communications
Life Companies, Friendly Societies & Similar Providers
No reports have been withdrawn since our last Update.
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B&CE report issued
AKG has carried out an assessment of financial strength and corporate profile for the B&CE Group of Companies (trading as B&CE and including The People’s Pension). The output from this assessment was issued on 23rd October 2015 and replaces in its entirety AKG’s previous report dated February 2014.
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