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.. »
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.. »
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.. »
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.. »
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.. »
The FSA has warned insurers they must be fair to with profits customers when cutting fund values and bonus payments. more.. »
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.. »
Norwich Union endowment policyholders have been hit by bonus cuts again. Other with profits customers are also affected. NU believes it’s mortgage endowment promise to customers facing a shortfall is still viable. more.. »
Friends Provident with profits policyholders had a shock today when drastic bonus rate cuts were announced. The cuts are a response to an estimated minus 10.5 percent gross investment return on the With Profits Fund last year. more.. »
Standard Life’s Chief Executive Sandy Crombie has been awarded a knighthood in this years New Years Honours list although there’s no mention of any honours for Standard Life’s with profits customers. more.. »