NU to pay out £2.1bn to with-profits policyholders

Norwich Union is paying out around half of its with-profits inherited estate in the form of a one-of...

Norwich Union is paying out around half of its with-profits inherited estate in the form of a one-off special bonus to policyholders. Qualifying investors in the CGNU Life and Culac with-profits funds will share £2.1bn although the payout will be split into three. As the funds are managed on a 90/10 basis, Norwich Union will receive £230m as their 10% share. According to the group, the bonus will enhance policy values by an average of 10%, with the three installments on 1 January 2008, 2009 and 2010. To receive the first installment, a policyholder would need to have a qualifying po...