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 6 October 2005.
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 6 October 2005.
The average MVR rates applying per year of purchase of units are:
| | 01/01/2005 | 15/03/2005 | 25/07/2005 | 06/10/2005 |
| Year units purchased | Average rate | Average rate | Average rate | Average rate |
| 1998 | 12% | 10% | 6% | 4% |
| 1999 | 17% | 13% | 10% | 8% |
| 2000 | 18% | 15% | 13% | 11% |
| 2001 | 8% | 5% | 4% | 2% |
| 2002 | 2% | 0% | 0% | 0% |
David Riddington, senior actuary at Norwich Union, said: “This change is good news for investors in the Norwich Union with-profit funds. The figures for 2005 show that we have consistently reduced market value reductions as the stock markets improved since their low points in 2003. This shows the value of a with-profit fund still substantially invested in shares.”
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
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 insurers. It is a leading provider of life, pensions and investment products and one of the largest Financial Adviser (FA) providers. FAs 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.