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Financial results and annual report

2025 financial results

Information about our latest financial results

Sharing our 2025 financial results including member bonuses of £100 million

Our focused business strategy continues to deliver for our members. We have maintained a strong capital position, delivered positive investment performance and progressed on the priorities that matter most.

The results reflect our clear strategy, steady execution and a team focused on always doing the right thing for our members, customers and advisers.

“2025 was a year of meaningful outcomes, grounded in our focused strategy, resulting in a return in value of £100 million to eligible members.

“We saw strong fund performance across our Smoothed Managed Fund range, including a 9.7% smoothed return on the Balanced Fund, and a 14% return on our main With-Profits Fund – reinforcing our long-term investment approach that prioritises stability and builds confidence."

David Hynam, Chief Executive

Check out some key extracts from our 2025 Annual Report

Chairman's Review

Chief Executive's Review

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Our Business Strategy and Mutual Model

Giving back to members

We’re pleased to share £100m in bonuses with eligible members

This includes a one-off bonus of £80 million in respect of a final distribution of proceeds from the sale of the General Insurance business in 2019. The one-off bonus replaces the exit bonus.