Clerical Medical increases bonuses

Clerical Medical has increased final bonus payments by up to 6% on most with-profits policies and cu...

Clerical Medical has increased final bonus payments by up to 6% on most with-profits policies and cut market value reductions by up to the same amount. With markets generally at more sustainable levels and an equity backing ratio on the fund of 61%, the group has now eliminated 59% of existing MVRs. Regular bonuses have remained unchanged. With MVRs, the group has no reductions in place on regular premium life and pension polices, with exit charges only active on bond and single premium pension business started in certain years. The highest MVRs are in 2000 for both, at 11% and 10% respec...