Money offer to Norwich Union Life policyholders

Published on Wednesday 30 July 2008 10:41

PAYMENTS averaging £1000 are to be offered to one million policyholders in two of Norwich Union Life's with-profit funds, owner Aviva said today.

The move to free up surplus assets in the company's life funds means around 700,000 people can expect to receive between 400 and 1000 if they accept the offer, while a further 220,000 will get between 1000 and 3500.

Eligible policyholders will learn the level of their payout later this year, with the payment likely to be made next summer.

Details of the offer emerged as Aviva announced a 12 per cent rise in half-year operating profits to 1.72 billion.

The bottom-line result showed losses of 1.27bn after Aviva accounted for a reduction in the value of its assets in the current climate.