With Profits Operating Principles (WPOP)

How we manage our funds

As we have with-profits policies, we publish WPOP documents that show you just how our with-profits funds are managed.

The with-profits policies we hold were transferred from The Royal London Mutual Insurance Society Limited (Royal London) on 7 February 2019. Some of Royal London’s documentation, such as the Royal London Principles and Practices of Financial Management (PPFMs), continue to be relevant for our policyholders. This is explained in the WPOP documents. Some documents produced by Royal London are therefore included on this page.

The WPOP documents were previously referred to as PPFM Guides. We have renamed them to be WPOP documents because of regulations in Ireland. There have been no material changes to the PPFM Guides previously published on our website. 

Choosing the relevant WPOP

Policy Issue by

Relevant Documents

Royal Liver Assurance Limited in Ireland, Irish Life Assurance or Caledonian Insurance Company

Liver Ireland Sub-Fund WPOP

Royal London in Germany German Bond Sub-Fund WPOP

Royal London PPFM

This covers all with profits policies issued by Royal London including those originally issued under the Royal Liver brands.

Royal London PPFM

What has changed in the latest version of the Royal London PPFM?

Following the merger of the Royal Liver funds into the Royal London fund with effect from 31 December 2022, Royal Liver business is now included in the Royal London PPFM (31/12/2022).

German Bond Sub-Fund

German Bond Sub-Fund WPOP

This is a closed fund that relates to with-profits business sold in Germany and transferred from Royal London to Royal London Insurance DAC on 7 February 2019. 

Royal London PPFM

There remains a link between the German Bond Sub-Fund and Royal London’s Main Fund, as explained in the WPOP. Royal London explain how they manage their Main Fund in the Royal London PPFM.

What has changed in the latest version of the Royal London PPFM?
 
Following the merger of the Royal Liver funds into the Royal London fund with effect from 31 December 2022, Royal Liver business is now included in the Royal London PPFM (31/12/2022).

Investment mix and investment returns

Supplementary information on investment mix and investment returns (up to June 2022) for with-profits policies in the:

Liver Ireland Sub-Fund 
German Bond Sub-Fund 

Directors’ reports on compliance

With Profits Operating Principles - Liver Ireland Sub-Fund 2021 (PDF 155kb) 
With Profits Operating Principles - German Bond Sub-Fund 2021 (PDF 170kb)