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How we manage our With-Profits fund

Principles and Practices of Financial Management (PPFM)

Our PPFM explains how we manage our With-Profits fund including the nature and extent of the decisions we take to manage the fund and how we apply discretion to treat customers and shareholders fairly, by managing their sometimes competing and conflicting interests.

It covers all with-profits policies issued in the UK by companies in or acquired by the M&G plc Group i.e. by Prudential Assurance Company Limited (PAC), Scottish Amicable Life plc, Scottish Amicable Life Assurance Society, Prudential (AN) Limited and Prudential International Assurance plc. It also covers the with-profits annuity policies transferred from the Equitable Life Assurance Society to PAC.

The Principles define the overarching standards adopted in managing PAC's with-profits business and describe the approach used in responding to longer-term changes in the business and economic environment.

The Practices describe the approach used in responding to changes in the business and economic environment in the shorter-term, hence they will change more frequently than Principles.

This version of the PPFM was published in August 2019. The contents of the PPFM may be amended in the future and an updated version of the document will be published on our website as soon as practical after any changes are finalised. Please make sure you have also read the Key Features Document and Customer Friendly version of the PPFM appropriate for your product.

You can download the PPFM using the the link below or call our Customer Service Team on 0800 000 000. Opening times are 8.00am to 6.00pm Monday to Friday. We might record your call for training and quality purposes. To find out more about how we use your personal data please see our Data Privacy Notice.

Principles & Practices of Financial Management

Document   Document description / relevant information

Prudential's Principles and Practices of Financial Management (PDF 101kb)

Applicable to With-Profits business issued by the Prudential Group to UK policyholders.

From 21 October, M&G Prudential will de-merge from Prudential plc to become an independent business – M&G Plc. We are currently in the process of updating the PPFM to reflect this. This will be available shortly.
Prudential's compliance with the Principles and Practices of Financial Management and With-Profits Actuary's Report. (PDF 108kb)

This document confirms how we comply with the Principles and Practices of Financial Management. This contains the current version of the With-Profits Actuary's Report covering compliance during 2018.
Prudential's Principles and Practices of Financial Management - Summary of changes (PDF 60kb)

The document outlines the notable changes made to Prudential's PPFM since it was first published.

From 21 October, M&G Prudential will de-merge from Prudential plc to become an independent business – M&G Plc. We are currently in the process of updating the PPFM - Summary of changes documents to reflect this. This will be available shortly.
Prudential With-Profits Committee - Terms of Reference (PDF 95kb) This document outlines the current terms of reference of the Prudential With-Profits Committee.


Customer-friendly versions (CFPPFM's) of the PPFM are available as follows, each one applicable to particular types of products:

* This guide only applies to Income Choice Annuities which started on or after 7 November 2011. This guide does not apply to:

  • Income Choice Annuities which were started before 7 November 2011
  • A small number of Income Choice Annuities which were set up between 7 November and 16 December 2011

If this guide doesn't apply to your Income Choice Annuity and you'd like a copy of the guide that does, please see the Pre 07/11/2011 - Prudential Income Choice Annuity guide. If you are unsure which guide applies to your Income Choice Annuity, please contact us on 0800 000 000.

Further Information 

Current information regarding the asset mix and investment returns:

Asset Mix and Investment Returns. (PDF 89kb)

Scottish Amicable Insurance Fund Chairman's Statement

Scottish Amicable Insurance Fund Chairman's Statement (PDF 722kb)

Prudential's Statement of Unit-Linked Principles and Practices

Prudential has published a statement of the Principles and Practices used in the management of our unit-linked funds.

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