Norwich Union (NU) has reduced final bonus rates on its with-profits policies.
The company has already begun reducing its payouts on its with-profits investments through a reduction in final bonus rates. NU also confirmed there will be no changes made to regular bonus rates and Market Value Reductions. Explaining the decision, John Lister, chief actuary at NU, said: "We have reduced final bonus rates because equity markets, commercial property and corporate bonds have fallen significantly in value since the beginning of the year. We are taking responsible action to reflect the market movements over the past nine months." Lister added that NU has taken the action t...
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