With-profits must evolve in order to survive

With-profits works - I have never met a client who was unhappy with the proceeds of their policy. This is my experience as an adviser and that of most intermediaries who have seen policies mature. Why then is the concept under attack? Take the words of Sir Howard Davies earlier this year. 'The with-profits policy has allowed many investors to share in the rapid growth of the stock market over the last 25 years and many with-profits policies held for 25 years continue to provide high levels of payout relative to the actual investment returns achieved,' he said. 'But set against thes...