Investors in Wesleyan’s With Profits Fund will receive a boost to their investment returns as the specialist financial services mutual is making an additional payment of GBP28m into its With Profits Open Fund in 2019.
The payment represents a 0.9 per cent uplift to investment returns, which equates to an increase of GBP340 on a With Profits ISA with a fund value of GBP37,775.
This comes on top of Wesleyan’s recent announcement that its With Profits Fund delivered a gross annual increase of 6.6 per cent to payouts in 2018.
Wesleyan’s Craig Errington says: “We want our members to share in the success of our business and we’re pleased that we can give them a boost to their savings pots at a time when market volatility is creating poor returns in the investment markets.”
“Our mutuality is an integral part of who we are and shapes our business. As we have no shareholders, we can take a long-term approach to running our business, which is one of the reasons that we’ve been able to maintain a market-leading capital position.”
In addition to the GBP28 million payment, Wesleyan has once more made a financial contribution towards member discounts on personal and commercial insurance products. In 2018 this amounted to GBP1.6m with over 14,000 members saving an average of GBP98 on their insurance premium.
Wesleyan offers specialist financial advice and services to doctors, dentists, lawyers and teachers.