Britannic Assurance has announced that they are to close to any new business and just run with the contracts and business they already have. Just looking at the with profits fund, 1 million policyholders will be affected.
Other companies trading in this way are Abbey Life, Royal & Sun Alliance and Equitable Life. The Britannia Building Society has been used as an outlet for Britannic Assurance policies but this has now stopped. The Britannic Group Managing Director, Mr Portman said, "we concluded regretfully that we could not maintain a competitive position and it would not be fair to with profits policyholders to continue. The Group is said to be carrying on with its Britannic Retirement Solutions and Britannic Asset Management arms. They also intend to run Britannic Assurance as though it was an 'open' company.
The closure to new business means around 150 job losses and no bonuses to with profits policyholders this year.
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