year on year increases

Year-on-year increases for a range of specimen policies within the same with-profits bonus series can vary based on several factors, but generally, they should reflect the following considerations:

1. Consistency with Investment Returns: Increases should align with the underlying investment performance of the fund. If the fund performs well, policyholders might see higher bonuses, while poor performance could result in lower increases.
2. Smoothing: With-profits funds often use smoothing to moderate the impact of market volatility. This means that year-on-year increases might not directly mirror market performance but instead provide a more stable progression.