MVR on unitised policies reduced by Norwich Union

Norwich Union has cut the average market value reduction (MVR) on unitised with-profits policies by ...

Norwich Union has cut the average market value reduction (MVR) on unitised with-profits policies by up to three percentage points from October last year. The changes apply to investors in the CGNU, Culac and Nulap funds and came into effect from 1 January. The largest reductions still apply to units purchased in 2000, although this has dropped from 18% last January to 8% at present. With no remaining MVRs on purchases made in 2001 and 2002, the other reductions left in place are 3% for 1998 and 6% for 1999. David Riddington, senior actuary at Norwich Union, said: "We have reviewed and ma...