A spokesman from Norwich Union has said that the GBP2.6 billion reattribution of surplus funds is close to being resolved following previous disputes.
A representative for policyholders has been asking for changes since the reattribution of funds was biased in favour of Norwich Union shareholders and needed attention. Following this a committee from the government has been looking at the situation to ensure fairness.
Norwich Union are offering payments to with profits insurance fund policy holders but they will then not be eligible for any further annual bonuses. They are yet to hear if this latest offer is acceptable but hope it will be so that the funds can be paid out.
The Prudential is said to be expanding the partnership it has with Standard Chartered a bank that works in the emerging markets sector.
At the moment the Prudential provides both insurance and savings products across Asia through the existing partnership, though this is set to develop with the partnership expansion. Moving forwards the Pru will be in a position to provide insurance products to customers in Japan, Thailand, Hong Kong, Malaysia and Singapore.
Current market figures show that the Prudential is the market leader for life insurance in Asia so the move into these far eastern countries is expected to be a fruitful one, the current status of the Prudential helping it quickly gain market share.
The Brazilian arm of Zurich Insurance has just announced the purchase of two insurance companies in the South American country.
The deal, which is worth around GBP120 million, gives Zurich Insurance and 87 percent stake in one company and a 100 percent stake in another. Zurich will make an initial payment of GBP89 million for the two businesses, plus a GBP15 million bancassurance agreement and the potential for a further GBP15 million paid out if performance figures are achieved.
Bancassurance will enable the newly acquired businesses to sell their Zurich Insurance products through local bank branches, a significant opportunity and well worth the amount paid.
