The best and worst: 10-Year with Profits Endowment

THE average maturity value on a 10-year, pounds 50-a-month policy - pounds 11,679 - is 1.8 per cent down on the averages calculated only last February, while the 20-year and 25-year policies have not suffered cuts.

David Dunn, head of product marketing at National Provident (NPI), the bottom performer over 10 years, is unrepentant. 'We are in line with where rates should be. Rates need to come down to reflect current returns.'

Tony Large, manager of valuations at Sun Alliance, said: 'We can't pay out dramatically more than we earn.'

Scottish Widows said it had made a conscious decision to come out of the top 10 by cutting bonuses.

Colin Dickie, marketing actuary at the Life Association of Scotland (LAS), said its with-profits fund had been dragged down by its 15 per cent investment in property.

Tunbridge Wells Equitable Friendly Society was the top performer over 10 years, as well as over 15 and 20 years, with Commercial Union top over 25 years.

Commercial Union was also in the top 10 over 10 years, with Standard Life, Friends Provident, Scottish Amicable and Equity & Law.

----------------------------------------------------------------- 10-YEAR WITH PROFITS ENDOWMENT ----------------------------------------------------------------- The best pounds 1 Tunbridge Wells 13,477 2 Equitable 13,110 3 Royal London 12,812 4 Pearl 12,791 5 Norwich Union 12,727 The worst 35 Britannia 10,874 36 UK Provident 10,698 37 Sun Alliance 10,677 38 LAS 10,406 39 National Provident 10,059 -----------------------------------------------------------------

Policy maturing on 1 August 1992, taken out by a 29-year-old man paying pounds 50 a month. Source: Money Management