Standard prepares for policy surrenders - papers 1st August

clock

STANDARD LIFE yesterday confirmed it has started to see a number of its with-profits policyholders cash in their plans after receiving windfalls from the group's flotation, reports The Scotsman .

But according to the paper, the Edinburgh-based insurance giant refused to be drawn on the number of policyholders involved or the average amount paid out in surrenders. The news came ahead of the release of the group's latest new business figures today. Provisions for the expected surrenders were made in the group's flotation prospectus, where it was revealed £19m would be made available to help fund the withdrawals. A spokesman for Standard Life said: "The numbers of clients surrendering their policies are entirely in line with expectations.” ROGER BARTLEY, a senior fund manager at...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on uncategorised

Building Society-owned Newcastle Financial Advisers acquires Openwork firm

First of a number of acquisitions

Hannah Godfrey
clock 09 December 2019 • 1 min read

Bond managers fear hedges being undermined as liquidity dries up

The recent sell off in the bond market and growing liquidity issues have forced bond investors to use similar hedging techniques, undermining their effectiveness and causing concerns about how much downside protection funds really have.

Anna Fedorova
clock 03 July 2013 •

Police launch investigation into mortgage middleman fined £1m

West Midlands Police have launched a fraud investigation into a Birmingham financier over his role in sale and rent back agreements.

clock 25 June 2013 •