Life Insurance -
Policy holders share in windfall - 01/04/2008
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Norwich Union life insurance policy holders are among the lucky few to share in a £2.3 billion windfall from the insurer.
The windfall from two with-profits funds means £2.1 billion will be shared by 1.1 million life insurance policyholders. The shareholders are also going to see some of the cash as they’re in for a cut of £230 million.
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 10 per cent to shareholders.
"This special bonus is a major boost to policy values. We continue to believe that well-run, open, with-profits funds deliver real value for long term investors. Over the course of the next few weeks we will be writing to qualifying policyholders to give them more detailed information."
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