January to July 2000: Equitable withholds growth from all with-profits
policyholders to cover GAR liabilities.
companies are rated AA/Stable/--, other core subsidiaries AA-/Stable/--) are unaffected by Aviva's announcement of a 13% decline in operating profits to GBP828 million ($1.
7 billion in bonuses for 2007 to the value of its customers' with-profits
policies after a year when its with-profits
fund delivered an investment return of 7.
The group blamed three years of falling stock markets for its decision to cut the terminal bonuses it paid on some life and pension products invested in the AXA Sun Life and Sun Life Assurance Society with-profits
The group, owned by Abbey, cut the terminal bonuses paid on conventional with-profits
policies which are less than 30 years old to zero.
As expected, the Pru cut its full-year dividend to 16p a share and said it was also lowering annual bonuses paid to with-profits
Prudential said it was cutting annual bonuses on its with-profits
pensions policies to 3.
companies--to stable from negative.
The figures underlined the success the 167-year-old organisation has had in maintaining its with-profits
book as those of its bigger competitors have dwindled.
Policy holders eligible for the Equitable Life Payments Scheme include those who hold, or have held, one or more of the following policies: Equitable Life Conventional With-Profits
(CWP) policy bought between 1 September 1992 and 31 December 2000 inclusive; Equitable Life Accumulating With-Profits
(AWP) policy (both individual and group scheme policies) that either started between 1 September 1992 and 31 December 2000 inclusive, or had at least 1 premium paid into it between 1 January 1993 and 31 December 2000 inclusive; and Equitable Life WPA (With-Profits
annuity) policy bought between 1 September 1992 and 31 December 2000 inclusive.
products provide protection for customers who wish to invest in the stock market but don t want to be exposed to the full impact of volatile market conditions.
It said a PS10,000 with-profits
bond purchased 10 years ago is now worth PS17,082, while the same amount of money invested in a typical savings account would have grown to PS12,228.