The UK's top with-profits life offices are Britannic Assurance, Liverpool Victoria Friendly Society and Teachers, according to a new survey by Cazalet Financial Consulting.
All three life offices get 10 marks out of 10 in the survey which uses a new system designed by Cazalet.
Equitable Life was rated before it closed to new business in December and got two out of 10. Sun Alliance, now part of Royal & Sun Alliance, was given a score of three.
A detailed IFA handbook to with-profits analysis and investment markets, produced with Old Broad Street Research, accompanies the ratings.
Cazalet slams offices for their use of free-asset ratios, saying they are useless and misleading and give a false impression.
The ratings include inadmissible assets, tax reserves and reinsurance.
Cazalet Financial Consulting principal Ned Cazalet says: “We are determined to help IFAs gain a clearer understanding of with-profits and help them see through the spin and hype of the industry – weak insurers desperately manipulate their figures to lure in unsuspecting investors. The free-asset ratio method, which makes about as much sense as a doctor assessing a patient's health by looking at the shine on his shoes, is now history.”