Specialist life insurer PPS Mutual says it has assigned more than $4 million in profit-share to qualifying members in the first five years since the scheme was introduced in 2017.

In the 2021 financial year members will receive a profit-share assignment set at 6% of premiums, the business said.

Members have been assigned a further profit-share of 2.75% of opening balances, net of tax.

“PPS Mutual is the only life insurance provider in Australia who currently offer life insurance products with a profit-share,” CEO Michael Pillemer said.

“Every professional insured is a member which entitles them to share in the profits of the insurance that they buy.

“And the amount assigned to them has grown year-on-year since we opened for business.”

PPS Mutual says its profit-share pool has seen significant growth over the past four years, increasing from $500,000 in 2018 to $4.2 million this year.

Its products are designed to meet the protection needs of its professional members such as doctors, lawyers and accountants and are only offered through accredited advisers.

Policyholders become members when they take out a PPS Mutual cover and they are required to retain their policies for 10 years to gain partial access to the profit-share funds.