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Court approves Axa orphan distribution

Axa won High Court approval yesterday for its controversial distribution of £1.7bn of orphan assets. The decision could pave the way for similar distributions of up to £20bn of surplus cash in the UK life insurance industry.

The Consumers Association, representing policyholders who felt that a greater proportion of the cash should have gone to them, will decide whether to appeal once Mr Justice Evans-Lombe has published his reasons. The Axa proposals will give only £525 million in benefits to policyholders.

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