NFU latest insurer to cut with-profits

Both traditional and unitised policies have been affected, with reductions seen across most terms. Average maturity payouts will be down around 9% compared with a year ago. The firm says its with-profits smoothing measures have helped protect policies, but says the sheer volume of losses has caused the need to cut terminal payments. "The UK stockmarket has fallen significantly over the last 12 months, and our investments are not immune to the effects of such significant falls," says NFU's chief actuary Iain Baker. "NFU Mutual is not alone in taking this action, as the exceptionally vo...