Sell endowments

Aviva Norwich Union Reattribution Offer Finally Made but Halved in Value

Sell endowments — Fri, 08 May 2009 15:44:31 +0000

Aviva / Norwich Union policyholders finally get a reattribution offer but at £500m it’s just half of what it was last year. Aviva say this is a flexible payout and will change to reflect rises or falls in the value of the inherited estate. It claims 90 percent of eligible policyholders will receive between £200 [...]

Equitable Life policyholders to get more support for compensation

Sell endowments — Wed, 01 Apr 2009 14:24:16 +0000

Beleaguered Equitable Life victims will get new support from the formation of The Justice for Equitable Life Policyholders Parliamentary Group. This is an all-party group of 20 MP’s who believe the Government is wrong not to compensate policyholders affected when Equitable Life nearly collapsed in 2000. The Government has said it will only compensate those [...]

Standard Life inherited estate falls 80 percent

Sell endowments — Wed, 18 Mar 2009 18:30:09 +0000

Standard Life have announced the value of the inherited estate has fallen by 80 percent and may suffer further losses if stock markets continue their slide. The company also announced that surrender and transfer values on many of its with profits plans would be cut by up to 8 percent. While the inherited estate fell from [...]

Norwich Union inherited estate suffers huge loss

Sell endowments — Fri, 06 Mar 2009 17:54:21 +0000

The Norwich Union inherited estate lost 33 per cent of its value, falling from 2.1 billion to £1.4 billion according to preliminary results released by Aviva. This huge fall in value was blamed on “substantial reductions in the value of equity and property investments.”Apart from the awful, but unsurprising, news on the value of the [...]

LV= annual bonuses cut

Sell endowments — Mon, 02 Mar 2009 11:23:11 +0000

LV= is cutting annual bonuses on with profits by up to 4 percent as policy values fall an average of 1.4 percent. However £84.5m in bonuses will be added to LV= with-profits policies and the company was keen to stress their with-profit fund performed well, having much smaller falls in policy values compared with some [...]

Policyholders shortchanged by FSA over inherited estate ?

Sell endowments — Fri, 27 Feb 2009 17:24:00 +0000

The FSA’s latest consultation paper on compensation and redress payments from With Profits Inherited Estates will disappoint many as it now favours shareholders at the expense of policyholders. The inherited estate refers to the part of a with profits fund beyond that required to meet its liabilities. It includes any excess surplus in the fund. Under [...]

Legal and General endowment shortfalls rise

Sell endowments — Mon, 23 Feb 2009 15:12:54 +0000

The latest announcement from Legal & General reveals a big jump in mortgage endowment shortfalls. A fall in the value of the with profits fund has also led to cut in with profits bonus rates. The number of Legal & General endowment mortgage holders facing a shortfall has increased dramatically to 64 percent from 28 [...]

Scottish Widows mortgage endowments and with profits suffer

Sell endowments — Fri, 13 Feb 2009 19:05:13 +0000

More bad news for endowment mortgage and other with profits customers as Scottish Widows announce their latest bonus rates. The £14 billion with-profits fund fell by 17.5 percent last year and customers can expect shortfalls and bonus rate cuts The Scottish Widows announcement of changes to bonus rates for with-profits policies will hurt both conventional and [...]

Be fair to customers warns FSA

Sell endowments — Thu, 12 Feb 2009 08:57:39 +0000

The FSA has warned insurers they must be fair to with profits customers when cutting fund values and bonus payments. In its latest Financial Risk Outlook, the FSA outlines what it sees as the major risks facing firms, consumers and the regulatory system in the recession. It recommends that consumers should be wary of financial deals [...]

Norwich Union reattribution cut

Sell endowments — Mon, 09 Feb 2009 19:53:41 +0000

Aviva announced that Norwich Union’s reattribution offer to policyholders would be cut due to continued volatility and uncertainty in the financial markets and a fall in value of the CGNU Life and CULAC inherited estates. In their 9th Fund Transfer and Reattribution Update, Aviva blamed the global financial crisis for a significant fall in the value [...]