Article date: 10 December 2003
Norwich Union has undertaken a review of the long-term caremarket and, as a result, has decided to withdraw from thepre-funded long-term care sector and focus on immediate needs. TheFuture Assured product will no longer be available after 5 January2004.
The immediate needs long-term care market has shown stronggrowth over recent years (average of 30% increase per year 1999 to2002*) as opposed to the pre-funded market which has been indecline due to consumers having other financial priorities.
Dean Critchfield, retirement market manager, said: "As a resultof the current market conditions for long-term care, we believe nowis the right time to focus on the immediate needs sector where wesee the prospect of stronger growth. We do not see the outlook forthe pre-funded market improving in the immediate future."
Applications for the Future Assured received before close ofbusiness on 30th January 2004 will be accepted provided that theyare accompanied by a new business illustration. All pipelineapplications must be underwritten and current on or before 1stApril 2004.
Press office contacts:
James Evans 08703 66 68 78 Out of hours 07790 487105
Lorna Wiltshire 08703 66 68 78 Out of hours 07788 471849
Louise Goffee 08703 66 68 70 Out of hours 07810 057362
David Gwyer 08703 66 68 71 Out of hours 07800 699508
Notes to Editors
* Source ABI 2003
- Norwich Union is the UK’s largest insurer. It is aleading provider of life, pensions and investment products and oneof the leading IFA providers. IFAs provide around 70% of thecompany’s long-term savings business.
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of imagesare available from Aviva's internet press centre at www.aviva.com/media.