With Profit funds are not very transparent. It's difficult to understand how your return is calculated. There's a huge amount of trust required.
That said, Caledonian Life's product has been delivering decent returns to date, said with the usual caveat that past performance is not a guarantee of future returns.
I may be wrong on this but I think Caledonian Life may be party to the UK compensation scheme, through their parent Royal Liver. You should check this with them, as the UK scheme is excellent and has no Irish equivalent.