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CGU with-profits bonuses follow downward trend

CGU Life have announced its annual bonuses and maturity payouts for with-profit life and pensions policies with the downward trend continuing.

Customers with maturing CGU Life endowment policies are seeing returns equivalent to 9.6 and 13.9 per cent per annum over the last 10 and 25 years. Last year the 25 year policy had an annual return of 14.2 per cent.

CGU Life finance director Mike Urmston attributes this trend to low inflation and reduced long-term interest rates.

Rates of return after inflation are more buoyant. For example the 25 year policy has yielded 7.8 per cent this year compared to 7.6 per cent last year.


Friends Ivory & Sime buys L&M asset management divisions

Friends Ivory & Sime, a subsidiary of Friends&#39 Provident life office is buying the two asset management subsidiaries of the London and Manchester Group in a deal worth £40m.An initial £35m will be paid up front in the form of shares and a loan. The remaining £5m is payable on the achievement of revenue targets.Friends […]

Record 431 IFAs pass AFPC

The number of IFAs who passed the Chartered Insurance Institute Advanced Planning Certificate hit a new high of 431 in October.About 52 per cent of IFAs who attempted the G60 pension paper passed the exam while 36 candidates successfully completed the Association of the Society of Financial Advisers requirement. Seven IFAs passed the Fellowship of […]

Britannia Building Society rejects Hardern motion

Britannia Building Society has rejected carpetbagger Michael Hardern&#39s conversion resolution.It says the resolution breaks a 25-year-old ruling preventing individuals interfering with the directors&#39 right to manage the affairs of the society.But Hardern will be allowed to stand for election to the board at the AGM on April 29.

Close Brothers Development VCT raises required £3m

The Close Brothers Development VCT launched in December 1999 has raised its minimum subscription of £3m. It believes it is on course to raise £15m.Managing director Patrick Reeve says: &#34The launch of our Development VCT was timed to assist investors with potential CGT liabilities dating back as far as 27th January 1998.&#34IFA introductory commission is […]


White paper — Dubai International Insights

Jelf Employee Benefits discusses the legislative changes in Dubai, available medical facilities and policy considerations for employers with expatriate workforces in the country. This edition will be of particular interest to global human resource directors, compensation and benefits specialists and mobility managers who have employee populations in Dubai, or are considering operating there in the near future.


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