The changes apply to all Aviva unitised with-profit funds – formerly known as CGNU, CULAC, and NULAP funds – with immediate effect.
The average MVR rates now range from zero to 18 per cent. Previously Aviva applied average MVRs of up to 20 per cent.
The firm says the move reflects a sustained improvement in the overall value of the with-profit funds.
Marketing director David Barral says: “We have been monitoring MVR levels on a weekly basis and the sustained improvement in the overall value of the with-profit funds means we are pleased to reduce market value reduction rates. Aviva’s with-profit funds continue to provide investors with attractive returns while protecting them from the extremes of volatile equity markets.”