This should be reported as with-profits if the policy is entirely with-profits (i.e. no units in unit-linked funds).  Where the policyholder has a mixture of units in unitised with-profits and unit-linked funds the best estimate liabilities for unitised with-profits benefits are reported as with-profits and the best estimate liabilities for unit-linked benefits are reported as unit-linked.  The balance of best estimate liabilities (expense reserves, miscellaneous non-unit reserves) should be reported as with-profits if the policy is written in a with-profits fund or as unit-linked if the policy is not written in a with-profits fund (but has the with-profits element of the premiums invested within a with-profits fund).