The newly rebranded Britannic Group is considering issuing all its with-profits policyholders with annual statements clearly stating investment returns and charges.
The move follows last week's launch of Britannic Retirement Solutions' with-profits annuity and deals with criticism over the product's lack of clarity.
The annuity gives policyholders an annual statement outlining how the fund performed, what proportion is held back for smoothing and what amount is deducted for charges. The fund will be aud ited by an independent actuary to double-check.
Britannic Group corporate strategy man ager Richard Goyder says: “There is a shift for all financial products to move to greater transparency and with-profits has suffered most from its complexity in spite of the rewards. It is fairly obvious for us to consider extending the transparency of the with-profits annuity to all Britannic Group's with-profits products.”