Norwich Union International Limited, Norwich Union’s offshore company, has launched the Norwich Union International With-Profit Bond. It will be made available through a selection of IFAs, primarily in the Channel Islands and the Isle of Man.
Norwich Union International Limited, Norwich Union’s offshore company, has launched the Norwich Union International With- Profit Bond. It will be made available through a selection of IFAs, primarily in the Channel Islands and the Isle of Man.
Because the bond is based offshore in Dublin, it offers the distinct advantage of investment returns that grow free of income tax and capital gains tax.* It offers an annual bonus rate of currently 4.75%** and has a minimum investment of Ł10,000.
Commenting on the launch, Paul Sherlin, Marketing Director at Norwich Union International, said: “There’s been a lot of activity in the offshore with-profit market recently and we’ve received strong demand from IFAs to launch such a fund. Our initial market research has shown that the vast majority of the business is written in the Channel Islands and Isle of Man so our market entry has been targeted there. However, we’re continuing to research the requirements of IFAs outside the islands and if we find that we can write significant volumes using the same administration model, then we will certainly consider making the product more widely available”.
The Norwich Union International With-Profit Bond enhances the range of with-profit bonds offered by Norwich Union, who manage in excess of Ł50 billion in with-profit funds alone.
*Except non-UK withholding tax that we are unable to recover.
** Future bonus rates are not guaranteed and may vary.
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For further information:
Norwich Union International
Mike Gogan 00 353 1 802 8415
Financial Dynamics
Christine Wood 020 7269 7253
Notes to Editors
- Norwich Union is the UK’s largest insurer. It is the UK’s largest provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 75% of the company’s long-term savings business.
- Norwich Union’s news releases are available on the Aviva plc website at www.aviva.com