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A windfall for thousands
Norwich Union have agreed to hand back around half of its surplus cash from its two main with profits funds. Over two million people will share a one off £2.1 billion windfall with payouts varying in size according to the length of time a policy has been live and the value of the investment.
Each policy holder will see their asset increase by around 10 per cent by 2010. Holders of the company's mortgage endowments with a shortfall, of which there are around 50,000, will see their policy's recover over the next 3 years and will not see a shortfall at the end of the term.
Campaigners have fought against the current guidelines that say that insurers can use surplus capital, built up over the years of lifetime with profit funds, to pay for compensation in cases of mis-selling. The campaingers argued that the money should be made available to policyholders. The recent deal will mean that policyholders will receive 90% of the 2.3billion and the balance will be divided amongst shareholders. To qualify, policies must have been in force on January 1st 2008 and must remain so for the next 2 years.
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