NU reaches £1bn reattribution deal over with-profits funds

Norwich Union has struck a reattribution deal with its with-profits policyholders after several month...

Norwich Union has struck a reattribution deal with its with-profits policyholders after several months of negotiation. The group has agreed to pay out £1bn - an average of £1,000 per policyholder and a minimum of £400 - from its inherited estate, or surplus money in its two with-profits vehicles. Earlier this year, qualifying investors in the CGNU Life and Culac with-profits funds received a £2.1bn special bonus pay-out, while policyholder advocate Clare Spottiswoode wrangled with NU over the remainder. The newly-agreed payouts are expected to come through in summer 2009, although poli...