Final payouts on some of Norwich Union's conventional with-profits policies are to be reduced by up ...
Final payouts on some of Norwich Union's conventional with-profits policies are to be reduced by up to 5%, effective from 1 July. In the latest review of its with-profits policies and rates, the group has also decided that in light of improving market conditions, it will lower its market value reduction (MVR) rate from 11% to 9%, effective immediately. However, it will leave regular bonus rates on conventional and unitised with-profits policies and final bonuses on unitised with-profits policies rates unchanged. Norwich Union chief actuary, Mike Urmston, said: 'The market recovery has w...
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