Members of mutual life insurer Friends Provident have voted with a 97% majority in favour of floati...
Members of mutual life insurer Friends Provident have voted with a 97% majority in favour of floating the company on the stock market and forego its mutual status.
It means about 1.7m of its members will receive free windfall shares worth at least £450 and over one million holders of with-profits policies will receive shares worth considerably more.
Members will all receive a fixed allocation of 200 shares and over half of these will receive more, ranging between one to 4000 depending on policy size on the duration its been held. Some of the windfalls are expected to be as high as £11,000.
Friends Provident plans to float on the London Stock Exchange on 9 July.
The decision paves the way for a similar vote by its rival life insurer Scottish Provident to be held next week.
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