Friends Life holds annual bonus rates despite ‘mixed year' for markets
Friends life has held annual bonus rates on its with-profits funds as the provider experienced positive investment returns over the past year.
The Friends Life FLAS fund (ex-Sun Life Assurance policies) earned a return of 10.7% before tax while the Friends Life FLC (ex-AXA Sun Life policies) earned a return of 12.1% for 2012 before tax.
Regular bonus rates were maintained while final bonus rates were increased on both funds.
Meanwhile, the Friends Life FP With-Profits Fund (ex- Friends Provident policies) earned 8.5% in respect of policies written before 9 July 2001 and 9.7% for policies written after 8 July 2001, when Friends Provident was de-mutualised.
Most regular bonus rates have been increased for unitised policies and maintained for conventional polices.
Final bonus rates for unitised policies have generally remained the same or increased slightly but with reductions for recent policy years.
Mike Kipling, with-profits actuary, said: "2012 was a mixed year for financial markets, with world stock markets generally performing reasonably well, corporate bonds performing well and other investments such as some property investments and gilts faring less well.
"Against this backdrop, we are pleased that all of our with-profits funds earned good investment returns"
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