NU makes further cut to final bonus rates

The group announced final bonus rates have been reduced from 1 January 2009 to bring payouts back in line with asset share subject to smoothing. Of the reduction, up to 10% was announced in September but this figures could now be as high as 15%. However, regular bonus rates have been held on conventional policies. For unitised policies, regular bonuses have been cut by 0.75%. MVRs on the funds have been reduced from 16.2% to 11%. NU said unprecedented market conditions over the past year have affected short term performance. In 2008, the CGNU and CULAC funds were down 11.9% while NULAP ...