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Axa gets a scent of victory in orphan asset vote

Axa Sun Life believes its controversial proposals for the distribution of its £1.7bn orphan assets have secured the backing of its policyholders.

The company needs the support of 35 per cent of its policyholders by value of their policy.

The vote will not be passed on numbers of policyholders alone because high-value, long-term policies will carry a heavier vote weighting than short-term policies.

Axa has yet to do the number-crunching but it claims that it has received support from 245,000 of its 660,000 policyholders so it looks like it will hitits target.

The Consumers&#39 Association is threatening to take legal action against Axa in the wake of requests for action from disgruntled policyholders.

Axa media relations manager Phil Hickley says: “When we announced the proposals, it was inevitable there would be a court hearing because the proposals concern a financial reorganisation.

“We are going to the High Court on November 20 and we assume that the CA means it will be putting its case forward at that time. We are happy for all sides of the argument to be heard in court.”

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