The Endowment Diary

The Endowment Diary

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The Endowment Mis-selling Debacle - one of the UK's worst financial scandals

Monday, May 11, 2009

Aviva Halves Offer

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.

Quote:

"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.

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