NU inherited estate tumbles 33%

Parent company Aviva's full-year results, published today, reveal UK life and pensions sales climbed 1%, but dour investment markets have hit NU's with-profits fund and its investors. UK life and pension sales increased by 1% to £11.8bn in 2008, with IFRS operating profits up 4%to £751m. Globally, life and pension business climbed 11% to £40.2bn. Annuity sales were particularly strong, climbing 24%, and a deal with Royal Bank of Scotland was also highly successful, Aviva says. However, NU's with-profits fund has seen a major devaluation in its inherited estate, which fell from £2.1bn...