NFU Mutual shares GBP 71m of Mutual Investment Bonus with its With-Profits customers

25 March 2025

A smiling man carries a young girl on his shoulders while a woman stands beside them, all enjoying a sunny day outdoors with green trees in the background.

ICMIF member and rural insurer NFU Mutual (UK) has announced it has shared GBP 71 million with eligible With-Profits customers through its 2024 Mutual Investment Bonus. The organisation’s mutual structure means its financial strength directly benefits its members, not external shareholders.

The Mutual Investment Bonus, applied as an uplift to investments, provided a 1.85% increase for 2024, marking the fifth consecutive year of sharing profits in this way. Since 2019, over GBP 207 million has been added to eligible With-Profits investments through this bonus.

NFU Mutual’s Head of With-Profits, Saurabh Agrawal, spoke of the company’s pride in being able to consistently reward its members. “As a mutual without shareholders, we can share our success directly with our customers. After sharing GBP 71m in 2024, we are pleased to announce we are maintaining the uplift at 1.85% in 2025.”

The With-Profits fund offers long-term growth by investing in a diverse range of assets, including UK and overseas equities, commercial property, corporate and government bonds, and, more recently, overseas property and infrastructure assets. By broadening the asset mix, NFU Mutual says it aims to reduce risk and provide more stable returns for its investors.

Over the past decade, NFU Mutual’s With-Profits Pension delivered an impressive 76.9% return, while the With-Profits ISA achieved a 73.4% return between 2015 and 2024. Eligible policies now number over 57,500, underscoring the growing trust customers place in the fund.

Beyond investment returns, NFU Mutual also offers a separate Mutual Bonus to its General Insurance customers, providing savings on renewal premiums — another example of how the mutual model puts members first.

“The approach of smoothing can provide many investors with peace of mind in times of market volatility — and can help minimise the impact of adverse market movements to those withdrawing money,” Agrawal added.

With the Mutual Investment Bonus set to remain at 1.85% through 2025, NFU Mutual says its members can look forward to continued shared success and a steady hand guiding their long-term investments, reaffirming the power of mutuality in delivering value to those it serves.