Aviva halves reattribution payout


UK insurance giant Aviva has slashed a planned reattribution offer from its inherited estate (the surplus capital of its with-profits funds) from £1 billion to £500 million, despite reporting a better than expected capital position of £2.5 billion at the end of the first quarter of 2009, up from £2 billion at the end of 2008.

The estate was reduced to £1.2 billion from £4.2 billion at the corresponding point in 2008, due to the downturn in equity and bond markets, as well as large losses to its

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