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Britannic is optimistic on resuming bonuses

Britannic has offered a ray of light to with-profits policyholders, signalling it is on track to start paying bonuses again.

The group&#39s interim results show a profit of £44m compared with £52m last year. Britannic Assurance made a pro-fit of £44m, down from £58m.

Britannic says its equity-backing ratio is stable at 30 per cent, with its free-asset ratio at 10 per cent, up from 6.5 per cent. It says that after reviewing all with-profits business lines, it believes that some of them will warrant an annual bonus at the end of the year, based on their current performance. Britannic suspended bonuses in January this year after falling equity markets.

Chief executive Paul Thompson says: “During the balance of the year, we plan to finalise the revised support arrangements for Alba Life, complete our risk-based cap-ital assessments and renegotiate our banking arrangements. We are confident of achieving these steps, which should then allow us to resume annual bonus and dividend payments.”

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