Payouts on Norwich Union with-profits to fall by 5%

Final payouts on some of Norwich Union's conventional with-profits policies are to be reduced b...

Final payouts on some of Norwich Union's conventional with-profits policies are to be reduced by up to 5%, effective 1 July. In its latest review of its with-profits policies and rates, the group has also decided that in light of improving market conditions, it will lower its market value reduction rate from 11% to 9%, effective immediately. However, it is to leave regular bonus rates on conventional and unitised with-profits policies and final bonuses on unitised with-profits policies rates, unchanged. Norwich Union chief actuary, Mike Urmston, said: 'The market recovery we have see...