Norwich Union have not been slow in trumpeting a £3 billion distribution of money to With Profits policy holders.
Is it a good deal for the consumer?
They actually have over £5 billion left over from fund re-organisation. This is actually customers' money. They are being coy why they can't distribute the other £2 billion ot customers
90% of the money distributed is going to policy holders with 10% going to Norwich Union shareholders. They originally wanted to give a lower figure to clients but then the government's Policyholder Advocate put pressure on them.
In context, a lot of these policies are held in underperforming endowment policies for which Norwich Union have had to pay compensation for misselling.
A final note, they aren't paying out the customers' money to customers straight away. They are doing it over a 3 year period!