NU introduces MVRs up to 22%

Norwich Union has introduced market value reductions up to 22% across its unitised with-profit polic...

Norwich Union has introduced market value reductions up to 22% across its unitised with-profit policies in response to volatile market conditions. Chief actuary at the group John Lister said since the start of the year, equities, corporate bonds and property have all fallen significantly in value. As a result, the group has decided to introduce MVRs ranging from 13% to 22% for policyholders withdrawing money from the CGNU, CULAC and NULAP funds. “MVRs are a mechanism to ensure those policyholders leaving or wishing to take money out of the fund do not take more than their fair share a...