UK Money News
6th February 2008
Norwich Union to pay out to policy holders
Holders of Norwich Union with-profits life insurance policies are set for a significant windfall, it has been announced.
Yesterday, the insurer has confirmed that its customers are to share in a £2.3 billion bonus pool.
Of this £1.1 billion will go to policy holders, with the remaining £230 million to be divided among the company’s shareholders.
The sum equates to around £1,900 for each of the 1.1 million policy holders included.
However, only those with a qualifying policy invested in the CGNU Life or CULCA with profits funds on January 1st will be entitled to a share of the cash.
Mark Hodges, chief executive of Norwich Union Life, said: "As a result of the funds' financial strength, performance, and the changes made to our investment strategy we can release around half of the inherited estate - 90 per cent to our policyholders and ten per cent to shareholders."
The insurer’s parent company Aviva said the payout will not affect normal policy returns.
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