Norwich Union has lowered the average market value reduction on its with-profits policies for the second time in six months. After lowering MVR's in October, Norwich Union has reduced them again on CGNU, CULAC and NULAP funds from January 1st.
The average rate for a unit purchased in 2000 is now the highest a 8%, while units purchased in 2001 and 2002 have an average rate of 0%. The company hope to remove market value reductions entirely, as soon as market conditions allow.
Our view
Well done NU!! You have done it again.