Norwich union will not change its with profits bonus and payout rates until January next year unless there is a big change in the stock market, the provider says today.
The commitment to unchanged rates for at least another six months follows a review initiated after the last major bonus announcement in January this year. Findings of the review mean bonus and final bonus rates on conventional and unitised with profits policies remain unchanged, as do payouts on such policies. Mike Urmston, chief actuary NU, says the rates could change sooner if “there are any significant changes in the stock market in the second half of 2004.” The MVR on unitised with profits policies was reduced to an average of 8% from 9% in January this year. Bonus rates ann...
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