The UK insurance industry is the largest in Europe and the third largest in the world with investment holdings valued at £1,480bn in 2006, of which with-profits assets account for some £423bn assets invested. Due to the long-term nature of with-profit contracts and the high level of discretion retained by life insurers in respect of investments and bonuses, the governance of with-profits funds is of considerable importance. This project looked at how PPFMs are being used both internally and externally and the contribution of the PPFM framework to the overall corporate governance arrangements of with-profits funds of firms.