Aviva / Norwich Union policyholders finally get a reattribution offer but at £500m it’s just half of what it was last year.  Aviva say this is a flexible payout and will change to reflect rises or falls in the value of the inherited estate.  It claims 90 percent of eligible policyholders will receive between £200 and £1,150 while the remaining policyholders will receive higher payments.  Payouts are expected to start in November 2009. more.. »

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Beleaguered Equitable Life victims will get new support from the formation of  The Justice for Equitable Life Policyholders Parliamentary Group.  This is an all-party group of 20 MP’s who believe the Government is wrong not to compensate policyholders affected when Equitable Life nearly collapsed in 2000.  The Government has said it will only compensate those policyholders facing financial hardship. more.. »

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Standard Life have announced the value of the inherited estate has fallen by 80 percent and may suffer further losses if stock markets continue their slide.  The company also announced that surrender and transfer values on many of its with profits plans would be cut by up to 8 percent. more.. »

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The Norwich Union inherited estate lost 33 per cent of its value,  falling from 2.1 billion to £1.4 billion according to preliminary results released by Aviva.  This huge fall in value was blamed on “substantial reductions in the value of equity and property investments.” more.. »

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LV= is cutting annual bonuses on with profits by up to 4 percent as policy values fall an average of 1.4 percent.  However £84.5m in bonuses will be added to LV= with-profits policies and the company was keen to stress their with-profit fund performed well,  having much smaller falls in policy values compared with some unit-linked products. more.. »

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The FSA’s latest consultation paper on compensation and redress payments from With Profits Inherited Estates will disappoint many as it now favours shareholders at the expense of policyholders. more.. »

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The latest announcement from Legal & General reveals a big jump in mortgage endowment shortfalls.   A fall in the value of the with profits fund has also led to cut in with profits bonus rates. more.. »

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More bad news for endowment mortgage and other with profits customers as Scottish Widows announce their latest bonus rates.  The £14 billion with-profits fund fell by 17.5  percent last year and customers can expect shortfalls and bonus rate cuts more.. »

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The FSA has warned insurers they must be fair to with profits customers when cutting fund values and bonus payments. more.. »

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Aviva announced that Norwich Union’s reattribution offer to policyholders would be cut due to continued volatility and uncertainty in the financial markets and a fall in value of the CGNU Life and CULAC inherited estates. more.. »

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