An attack has been made on Standard Life's with-profits strategy, by an influential analyst. Their reserves have plummeted from about £10 billion to just over £1 billion. The analyst, Ned Cazalet, commented that the company's high equity backing ratio for its with-profits fund has transformed its risk profile and that it's current payout policy without market value reductions was unsustainable. Although the stockmarket has suffered three years on consecutive falls, Standard Life is one of the few companies not to have imposed MVRs (market value reductions). However, Standard's deputy group financial director David Bentley said that the position regarding imposing an MVR is being carefully monitored. Mr Cazalet said that he believes Standard is playing roulette - taking riskier and riskier bets and is praying for a win. He added that they are going to have to sell, but if they sell out of equities now, they would not get back in.