UK Insurance - Norwich Union de-risking provides policyholder windfall

An equity hedging programme within the £5.4 billion inherited estate of UK insurer Norwich Union's with-profits fund has freed-up enough risk capital to fund a £2.1 billion special distribution to policyholders - and gives the company the upper-hand in negotiations over the reattribution of the estate.

As far back as 2005, Norwich Union stated that it was looking at ways to use its inherited estate to revive the ailing with-profits franchise (Life & Pensions, February 2006, page 12) and at the

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