Payout offer to Norwich Union life policyholders

Payments averaging £1,000 (€1,269) are to be offered to one million policyholders in two of Norwich Union Life’s with-profit funds, insurer Aviva said today.

The move to free up surplus assets in the company’s life funds means around 700,000 people can expect to receive between £400 (€508) and £1,000 (€1,269) if they accept the offer, while a further 220,000 will get between £1,000 (€1,269) and £3,500 (€4,444).

Eligible policyholders will learn the level of their payout later this year, with the payment likely to be made next summer.

Details of the offer emerged as Aviva announced a 12% rise in half-year operating profits to £1.72bn (€2.18bn).