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Payments averaging £1,000 are to be offered to one actor
policyholders in two of Norwich Union Life's with-profit funds, insurer
Aviva said today.
The move to chargeless up surplus assets in the company's
activity funds agency about 700,000 humans can apprehend to acquire
amid £400 and £1,000 if they acquire the offer, while a added 220,000
will get amid £1,000 and £3,500.
Eligible policyholders will apprentice the akin of their payout
afterwards this year, with the transaction acceptable to be fabricated
next summer.
Details of the action emerged as Aviva appear a 12 per cent acceleration in half-year operating profits to £1.72 billion.
The bottom-line aftereffect showed losses of £1.27 billion
afterwards Aviva accounted for a abridgement in the amount of its
assets in the accepted climate.
It said sales in the faster growing markets of North America
and Asia Pacific account "the added arduous markets" of Europe,
including the UK.
Aviva said it accepted the UK bazaar for activity and pensions
to abide "subdued" in the additional bisected of the year, but said it
had managed to access its allotment of a crumbling bazaar over the
aboriginal bisected of the year.
In accepted insurance, profits rose 15 per cent to £326 actor
afterwards acclimate altitude alternate to accustomed compared with the
antecedent year's floods.
Chief controlling Andrew Moss said: "In the face of
bread-and-butter headwinds, Aviva has fabricated absolute advance in
the endure six months."
He appear the aggregation planned to access its anniversary
amount accumulation ambition by £150 actor to £500 million, but did not
accommodate added details.
The aggregation afresh warned of up to 1,800 redundancies as
allotment of a restructuring of its accepted allowance arm over the
next two years.
It will consolidate the operational functions of its Norwich
Union Allowance (NUI) business into seven centres at Norwich, Perth,
Bishopbriggs, Stretford, Manchester, Leicester and Southend.
Today's £1 billion reattribution action follows diffuse
discussions amid Aviva and absolute policyholder apostle Clare
Spottiswoode.
She said the accord was in the best interests of "the abundant majority of policyholders".
Ms Spottiswoode added: "This been a continued and difficult
process. I accept challenged abounding aspects of the rules of the
with-profits industry to try to ensure that policyholders acquire the
best accord possible."
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