Aviva Halves Offer
Aviva (formerly known as Norwich Union) has halved its offer to policyholders for a share of the company's surplus investment funds.
As noted on this site earlier this year, Aviva reneged on last year's offer of £1BN to one million policyholders.
"It is a fair bet that any new offer will be lower, and that Norwich Union will seek ways to delay payment to their policyholders."
The policyholders in two with-profits funds are now being offered £500M of the firm's "inherited estate".
How ironic that Aviva took time out during a rapidly falling market to revise its offer. Cynics might argue that the timing was deliberate, thus ensuring that any payout offered would be reduced.