With Profits

Welcome to the Reliance Life online with profits pages.

The following pages give some information about our with profits products and our bonus declaration for 1 April 2018. If you would like any further information, you can contact us by telephone on 01892 773396 (life policies) or 01892 773395 (pension policies), by email via the contact us page or you can write to Reliance Life Limited, Reliance House, 6 Vale Avenue, Tunbridge Wells, Kent, TN1 1RG. Calls may be recorded for training and monitoring purposes.

How we manage our with profits bonuses

Reports on with profits management

Bonus declaration at 1 April 2018

Frequently asked questions

How Reliance Life's with profits business has built up

With profits sub funds

 

How we manage our with profits bonuses

All insurers managing with profits business are required to produce Principles and Practices of Financial Management (PPFM). This document sets out how we at Reliance Life operate our with profits business, in each of the sub funds.
Click on this link to view the PPFM.

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Reports on with profits management

Every year the directors of Reliance Life report to with profits policyholders. In this report the directors confirm that they have managed the business as required by the PPFM, and describe how they have done this. The report is reviewed by the with profits actuary who adds his comments to it.

Click here to view the report of the directors for 2017

 

Bonus declaration at 1 April 2018

Click on this link to find full details of current annual and final bonus rates for all the main classes of with profits policies. Rates are given for the annual bonuses declared at 31 December 2017 and the current rates of final bonus.

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How Reliance Life's with profits business has built up

Reliance Life acquired Reliance Mutual on 1st April 2018 and in the process all the funds managed by Reliance Mutual transferred to Reliance Life.

Over the years, Reliance Mutual acquired with profits business originally written by other companies. The main transactions were:

All the business of Burslem Mutual Assurance Society was acquired and transferred into Reliance Mutual in 1962.

Reliance Mutual acquired The British Life Office Limited in 1958. We used British Life as a separate company to underwrite various types of without profits policies until 2004, when all its business was transferred into Reliance Mutual.

The Industrial Branch business of Nation Life Insurance Company was acquired and transferred into Reliance Mutual in 1971.

All the business of Criterion Life Assurance Limited was acquired in 2003 and transferred into Reliance Mutual in 2004.

The business originally written by Time Assurance Society and Templeton Life Assurance Limited, which had been acquired by Family Assurance Friendly Society in 1994 was in turn transferred into Reliance Mutual in 2004.

We acquired all the business of Eurolife Assurance Company Limited during 2005, and transferred this directly into Reliance Mutual.

In September 2006 we acquired the share capital of SEB Trygg Life (UK) Assurance Company. Initially we maintained this as a separate subsidiary company, having changed its name to RM Life Assurance Limited. In July 2007 we transferred this business into Reliance Mutual.

In May 2007 we acquired the share capital of University Life Assurance Society from its then current owner Equitable Life Assurance Society. In July 2007 we transferred this business into Reliance Mutual.

Also in July 2007, we acquired all the business of Hearts of Oak Friendly Society, which we transferred directly into Reliance Mutual. Hearts of Oak is our largest acquisition to date, involving in excess of £300million managed on behalf of more than 60,000 policyholders.

In July 2008 a further small block of business previously written by Time Assurance Society was transferred from Family Assurance Friendly Society into Reliance Mutual.

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With profits sub funds

Our with profits business is written in four sub funds. These each have separately identified assets, and are operated in slightly different ways.

With Profits Sub Fund 1(WPSF1) contains all the with profits business originally written by Reliance Mutual, Burslem Mutual and Nation Life,

With Profits Sub Fund 2 (WPSF2) comprises the former Criterion Life Assurance with profits fund.

With Profits Sub Fund 4 (WPSF4) comprises the former Time Assurance Retirement Annuity with profits fund.

With Profits Sub Fund 6 (WPSF6) comprises the former Hearts of Oak Friendly Society with profits policies.

Prior to October 2013, we had two further sub funds, With Profits Sub Fund 3 which comprised the former Time Assurance Ordinary Benefit with profits fund and With Profits Sub Fund 5 which comprised the former University Life Assurance Society business. When these sub funds were established they contained provisions whereby, when the sub funds became small, the policies could be converted to non-profit contracts with increased guaranteed benefits. The purpose of this change was to give policyholders added certainty as the funds declined. The conversion occurred on 1 October 2013 and at that time the assets and liabilities of the sub funds were merged with our non-profit sub fund, the Ordinary Sub Fund (OSF).