So we’re sharing our profits with qualifying customers for the fourth year running.
We’ll share £140m of our profits with our customers.
Around 1.8m customers will be awarded ProfitShare.
We’ll boost unit-linked customers’ retirement savings by 0.15%.
* This is based on year end 2019 and includes awards made to with profits customers. These customers will receive a 1.2% enhancement in 2020.
We have a four-year track record of awarding ProfitShare – but we never lose sight of the fact that sharing our profits is just one way we express our mutuality.
Our mutual status defines everything we do. From the way we determine our charges to how we impact society at large – we’re able to make the right decisions for our customers because we're a member-owned business.
Being able to invest consistently in our business is another privilege afforded to us by our mutual status. We can choose to use our profits to make improvements to our products and services - making a real difference to you and your clients.
Last year we invested strategically to upgrade our business processes improving the speed, accuracy and professional touch of our service. As well as launching a new financial planning tool for advisers and enhancing our mobile app.
And we're not stopping there, we're committed to an ongoing programme of improvements to our business in the years that lie ahead.
This year, we made the decision to lower the total ProfitShare award by £10m. We did this because the current economic outlook indicates low interest rates will continue for longer.
Our strong financial performance has helped us limit the economic impact on this year’s award – and we’re still sharing £140m with our customers.
As always, it's important we strike the right balance between investing in our business, maintaining our financial strength and the level of any ProfitShare award. We believe taking this approach helps advisers and their clients have confidence in Royal London.
We'll continue to do this to make sure we support good outcomes for customers.
Get more information on how we’re doing through our 2019 financial results.