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When the vote is opened, press the button that corresponds with your answer Look at your handset s display to see how you voted If you change your mind after voting simply press the C button to clear, then re-enter your choice. 9.    j A general introduction to Norwich Union and with-profits policies Kate Anastasi Research Manager >kDw!" k  Introduction to Norwich Union  Norwich Union Life is the life insurance division within the Aviva plc group of companies. Aviva plc is the world's sixth-largest insurance group and the biggest in the UK and is one of the leading providers of life and pensions products in Europe. The following companies form part of Norwich Union Life: Commercial Union Life Assurance Company Ltd (CULAC); CGNU Life Assurance Limited (CGNU Life); Norwich Union International Limited (NUIL); Norwich Union Life (RBS) Limited (NUL(RBS)); Norwich Union Life & Pensions Limited (NULAP) 7PfPP,      $$((* G  nE Eligibility   ( With Profits Policies In relevant funds& CGNU Life (formed in 2000 by a merger of CGU with Norwich Union. Known previously as CGU Life Assurance Limited, General Accident Life Assurance Limited and Yorkshire General Life Assurance Limited) CULAC (previously known as the North British & Mercantile Insurance Company Limited and Ocean Marine) 3. In force between 21 November 2006 and 1 January 2008 )" h)   b8MMM  $$  %Introduction to with-profits policies&&&  What is a with profits policy? Long-term savings plan provided by insurance Companies (e.g. endowment or bond). Key features of a with-profits policy Premiums Policyholders pay single or regular premiums into a with profits fund. Investments Premiums are invested by the company in assets such as bonds, gilts, shares and property  aim is to grow the fund  $fR$f&$f $fH$f $fs$f$fR&   H s  $$j oF.Key features of a with-profits policy (cont.) (/-/ 2Asset Share Calculation value of your  contribution Payouts paid out at annual and terminal bonuses. Policyholders are entitled to 90% of distributable surplus. The remaining 10% goes to shareholders Payouts and Asset Shares over time, over groups of policyholders payouts = asset shares Smoothing often some of the profit is kept back in good years, so that bonuses in poorer years can be topped up. $f$f    c?   h$$(( -Introduction to with-profits policies (cont.)...   Uses of the inherited estate:    can only be used for a limited number of purposes including; to provide investment flexibility to smooth bonuses to provide extra security against unexpected liabilities; and to support the sale of new business. fdxZZ   U3, Orphan Assets (OAs) *    OAs not part of inherited estate OAs are proceeds of policies that have matured where owner cannot be found Norwich Union put OAs into a separate fund Norwich Union has teams who try to track down owners Bb     \  P pG Distributions 6If it is the case that there is excess surplus, the excess surplus would usually be  shared out between policyholders and shareholders 90% to policyholders and 10% to shareholders Directors have discretion in determining excess surplus. There is not certainty about distributions (n Reattribution  #Norwich Union is proposing to buy out the interest that policyholders have in the 90 per cent of the funds Shareholders will make a payment and then the inherited estate comes entirely under the control of the company So policyholders are giving up their rights in return for a payment "$#$ yK Reattribution  Your guarantees, terminal and annual bonuses will not be affected The security of policies will not be affected, the fund will continue to be supported You will be able to vote  no If you do not vote it will be assumed that you have voted  no ; Norwich Union may wish to contact you to confirm Now back to Jonathan for some more voting f=Ag6-vv `9Marriott Hotel London ( Thursday 8th February 20072   ,Clare Spottiswoode Policyholder Advocate "-*-  Everything you wanted to know about reattribution What does this mean for policyholders and shareholders? What might some options be? What the Policyholder Advocate does Your Questions / Have Your Say LPP2XP2PP2  qH Distribution    Reversionary (Annual) bonus + Terminal Bonus paid out 90% to Policyholders and 10% to Shareholders Special Bonus: If there is excess surplus in IE Special distribution out of excess funds, 90:10 Funds paid out of the Inherited Estate All Policyholders get an addition to your benefits Over and Above usual Annual and Terminal Bonus Get Distribution 90% benefit whether vote for change or not9!/!3!2!_!2!>!9.3  2_1>     ReattributionX 6A process under which Norwich Union can reorganise its funds When the funds are transferred they will become 100 per cent shareholder owned They say it makes their administration easier  and they can choose how to use the money more profitably An independent expert reports on the scheme and its impact on policyholders The High Court has to look at the scheme to ensure that policyholders remain protected PZ2 !1What it means for policyholders and shareholders $202 Policyholders will be asked to give up their rights to future distributions from the inherited estate Norwich Union shareholders will  buy out those rights Each policyholder will have to vote  yes to get the offer If you say  no or don t vote your policy will be invested in another fund and you will keep your existing rights and benefits Shareholders will get control of the inherited estate, which remains within the with-profits company ^fPP7PP"PZ V46Policyholder Advocate s job   Focused on reattribution but also on any special distribution Will consider whole of industry for context Will be given Parliamentary permission to give guidance to policyholders in report But everyone is different  speak to your Financial Adviser N'=n #6Policyholder Advocate s job ,Aim  the Best Possible Deal For Policyholders Check all the Norwich Union numbers and the terms of the contracts Agree just how much money there is Analyse Norwich Union proposed deductions - decide if they are fair and negotiate Negotiate about the split of the money available Make sure that those who don t vote in favour are protected; and those who do are treated fairly in the future (more) j0}f" }" }.f  $8Policyholder Advocate s job "  Negotiate a deal that gets the most for policyholders but is acceptable to shareholders Examine how to define different groups of policyholders and how the money should be split between them Deal only goes ahead if there is agreement between me and Norwich Union Make recommendations  send report to policyholders Lay out case to High Court:}Y" }YZ rISome choices for policyholders "   Should the size of payment depend solely on the value of the policy or be weighted by the length of time policy held? Should people with failing mortgage endowments get more? Should someone who has been in the fund for a long time and only has a short time until the policy finishes get more than a newcomer? Or should the newcomer with more chance of a distribution get more? Are there other choices you want me to consider? (voting)( kCMarriott Hotel London "( Thursday 8th February 20070   %Your Questions/ Have Your SayG(  b;Marriott Hotel London ( Thursday 8th February 20070   >*/Thank you for joining us and travel home safely000 N Please register at www.policyholderadvocate.org Or call on 08000 566 399 hM  *   M1c<Marriott Hotel London "( Thursday 8th February 20070   /&' ( ) + ,-/J]$t&u'v(w)x+,-./0123  ` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғq>9y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@MMMz?" dX@MMM xx"  hh n?" dd@   @@``P@`Xwp>> 3+$(  $f $ 0}?" $ 0? #" `NO  T Click to edit Master title style! !* $ 0@? #" `J-  RClick to edit Master text styles Second level Third level Fourth level Fifth level!     Sl $ C 6Alogo-white-png"1 $ s * ? "P @ 0  $ B?}"$ o Policyholder Advocate& 0gMMM H $ 0޽h ? 3380___PPT10.p"sr OPA template  800((  (f ( 0}?" ( s * "]I"  X Click to edit Master title style!!  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