Company Profile & Financial Strength Reports

Companies Covered

AKG Company Profile & Financial Strength Reports cover selected companies operating in the Life Company, Friendly Societies and Similar Providers Rating Sector.

For further, in-depth analysis of with profits funds in these companies, AKG publishes an annual set of UK Life Office With Profits Reports.

Purpose of Reports

In the UK, financial advisers are required to consider the financial strength of organisations with whom they deal.

AKG Company Profile & Financial Strength Reports are designed to meet the information needs of advisers. The reports cover a broad spectrum of long term insurers operating in the UK, with particular emphasis on those operating in the intermediary market. The reports encompass both life companies and friendly societies. From 2014 they also began to include other similar providers.

Styles of Report Published

Two different styles of report are published:

  1. FULL Reports - For each of the provider companies in the market which participate in the production of the reports, a FULL report is issued, containing detailed analysis of all relevant aspects of its operations, together with a comprehensive set of AKG ratings - Financial Strength Ratings at an Overall level and also separately, where appropriate, for Non Profit, Unit Linked and With Profits business; together with Supporting Ratings for the key areas of Image and Strategy, Service and Annual Review. FULL reports also contain an abbreviated analysis (including a full set of Financial Strength Ratings) in respect of each other relevant provider company within the group.
  2. SHORT Reports - For remaining provider companies, where there sufficient intermediary market demand, a SHORT report is issued, containing an abbreviated analysis of the major aspects of its long-term business operations, together with an Overall Financial Strength Rating.

Each report collates relevant information from a range of sources such as a company’s returns to the PRA, its report & accounts and material provided by the companies themselves, and incorporates expert independent assessment. For FULL report companies, the process is augmented by regular meetings and communications with AKG.

Rating Only Approach

For some companies which are assessed and rated by AKG no report is produced. This is due to a low level of market demand for the additional supporting details delivered by means of a report. However, the same methodology is used in the production of ratings for such companies as is used for those assessed on a public information basis and which have a SHORT report issued.

Rating Portal

Ratings for all companies are contained in the AKG Rating Portal together with some background supporting information and these ratings form part of the wider rating population delivered through leading third party selection systems.

To Purchase Reports

AKG Company Profile & Financial Strength Reports can be purchased online for immediate PDF delivery at £23.50+VAT for each report.

The complete set of Company Profile & Financial Strength Reports can be purchased online as a Report Bundle at £1,250+VAT. As an added benefit, the purchase of a Report Bundle also provides a year’s online access to any new or updated reports that may be issued.

Alternatively, you can contact AKG.

Brand Complexities

In today’s environment, UK financial services organisations adopt a wide variety of different approaches to marketing their wares. For example, some insurance groups operate under a single brand name, but they accept business via (or reinsure business to) a number of different insurance subsidiaries (e.g. Prudential, Scottish Widows). Other groups operate under several different brand names, which can be completely dissimilar from one another (e.g. The Royal London Mutual Insurance Society Ltd has operated under the Royal London, Scottish Life, Scottish Provident and Bright Grey brands). AKG Company Profile & Financial Strength Reports focus on the recognised brand names that organisations use for marketing purposes. Thus companies such as Royal London feature in more than one different Full report, because they operate in quite different ways, via multiple brands.

Review Process and Report Issue

Each report is updated at least once a year, following extensive assessment of the latest statutory financial data, together with other financial and supporting information and, in the case of FULL report assessments, further interrogative elements.

However, the underlying AKG assessment process undertakes ongoing monitoring and review of assessments and ratings throughout the year. This means that whilst always taking a ‘long term view’ of financial strength and adding depth and richness of data through the annual revision process, the assessments, ratings and their reports are part of a constant, dynamic process and can be reissued if required at any time.

Format of Reports

Brief details of the information published for each type of report can be found here for FULL Reports and here for SHORT Reports.

Guide to AKG Ratings

A detailed explanation of AKG's methodology underlying the determination of the ratings published in its series of Company Profile & Financial Strength Reports can be found here.

Related Links

Contacting AKG

Call us on +44(0)1306 876439 for more information.

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