Norwich Union has reduced the average market value reduction on unitised with-profits policies. The changes apply to investors in the CGNU, CULAC and NULAP funds, and came into effect on 1 January 2006.
Norwich Union has reduced the average market value reduction on unitised with-profits policies. The changes apply to investors in the CGNU, CULAC and NULAP funds, and came into effect on 1 January 2006.
The average MVR rates applying per year of purchase of units were:
|
| 01/01/2005 | 15/03/2005 | 25/07/2005 | 06/10/2005 | 01/01/2006 |
| Year units purchased | Average rate | Average rate | Average rate | Average rate | Average rate |
| 1998 | 12% | 10% | 6% | 4% | 3% |
| 1999 | 17% | 13% | 10% | 8% | 6% |
| 2000 | 18% | 15% | 13% | 11% | 8% |
| 2001 | 8% | 5% | 4% | 2% | 0% |
| 2002 | 2% | 0% | 0% | 0% | 0% |
David Riddington, senior actuary at Norwich Union, said: “This change is more good news for investors in the Norwich Union with-profit funds. We have reviewed and managed down the level of MVR throughout 2005 as the markets have improved. Our policy is to remove MVRs as soon as market conditions allow.”
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Press office contacts:
James Evans 01904 452791 Out of hours 07800 699525
David Gwyer 01904 452828 Out of hours 07800 699508
Rob Pell 01904 452659 Out of hours 07800 699563
Cheryl Cox 01904 452617 Out of hours 07800 695275
Notes to editors
- Norwich Union is one of the UK's biggest life insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. IFAs provide over 70% of the company's long-term savings business in the UK.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including CIS and The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.