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CGU with-profits pledge

CGU is promising to top-up any of its 600,000 with-profit endowment policyholders if they have shortfalls.


The move follows consumer worries on the way endowments were sold and concerns the policies will not pay off policyholders mortgages.


But the promise does not apply if the managers of the with-profit fund produced a growth of less than six per cent on average a year.


CGU Life finance director Michael Urmston says: “This is not a guarantee, but a promise.”

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