As a mutual we’re owned by our members, not shareholders. This means when we do well, we’re able to give something extra back to eligible with-profits members. We call this a mutual bonus.
Every year the LV= Board considers whether to declare a bonus and what it should be. For members who are eligible for a mutual bonus, it’ll be paid when their policy matures, when it’s cashed in, or on a death claim. For eligible annuity members, their regular income will increase, unless we’re paying guaranteed benefits.