The £126bn Prudential with profits fund is set to share £3.5bn with more than 2m of its policyholders, owner M&G Wealth has revealed.

The amount of with profits business fell 15% in 2022 as the gradual decline of the sector was accelerated by the increase in interest rates during the year.

Mutual provider Royal London has received High Court approval to consolidate the Royal Liver Sub-Fund and the Phoenix Life Assurance Ltd (PLAL) Sub-Fund into the Royal London Open Fund.

The Novia platform has claimed to be the first in the UK to offer a with profits investment product to advisers and their clients.