Norwich Union reduces MVRs on with-profits funds

Article date: 12 October 2005

Norwich Union has reduced the average marketvalue reduction on unitised with-profits policies. The changesapply to investors in the CGNU, CULAC and NULAP funds, and cameinto effect on 6 October 2005.

The average MVR rates applying per year of purchase of unitsare:

01/01/2005

15/03/2005

25/07/2005

06/10/2005

Year units purchased

Average rate

Average rate

Average rate

Average rate

1998

12%

10%

6%

4%

1999

17%

13%

10%

8%

2000

18%

15%

13%

11%

2001

8%

5%

4%

2%

2002

2%

0%

0%

0%

David Riddington, senior actuary at Norwich Union, said:“This change is good news for investors in the Norwich Unionwith-profit funds. The figures for 2005 show that we haveconsistently reduced market value reductions as the stock marketsimproved since their low points in 2003. This shows the value of awith-profit fund still substantially invested inshares.”

-ends-

Press office contacts: 
DavidGwyer 01904 452828 Out of hours 07800 699508
James Evans 01904 452791 Out of hours 07800 699525
Rob Pell 01904 452659 Out of hours 07800 699563
Cheryl Cox 01904 452617 Out of hours 07800 695275

Notes to editors:

  • Norwich Union is one of the UK's biggest insurers. It is aleading provider of life, pensions and investment products andone of the largest Financial Adviser (FA) providers. FAs provideover 70% of the company's long-term savings business in the UK.
  • Norwich Union has strategic alliances with building societiesand other leading UK brand names including CIS and The RoyalBank of Scotland Group. Norwich Union’s news releases anda selection of images are available from Aviva's internet presscentre at www.aviva.com/media.

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