Aviva GBP1bn Norwich Union Reattribution Cancelled
Published / Last Updated on 03/02/2009
Aviva £1bn Norwich Union Reattribution Cancelled
Aviva (Norwich Union) has confirmed that plans to redistribute excess funds in the ‘with profits’ funds to policyholders (known as reattribution), with average bonuses anticipated to be around £1,000, have been put on hold.
The company blamed poor returns in both stock markets and property sectors for the erosion of any surplus fund but suggested that this was not the end and that the position may change in a year or so,
We suggest the reattribution negotiation has taken far too long to resolve and should have been settled months ago.
This delay and then the ‘carrot’ to stay with Norwich Union to ensure you receive the bonus, we suggest is not fair but alas many policyholders will have to ‘stick it out’ and wait, despite that fact that Aviva sales figures are up by 1% on last year.
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