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MGM shaves 3 per cent off bonuses

MGM Assurance has cut maturity payouts on its 25-year with-profits endowment policies by 3 per cent. The mutual says it increased the proportion of equities in its conventional with-profits fund to 41 per cent from 30 per cent through 2003, and achieved a 10.1 per cent return on assets across the fund.

MGM chief operating officer Neil Walker says: “Our mutual status has allowed us to provide our customers with excellent returns from their with-profits policies. This comes at a time when many other providers have reduced their payouts significantly, despite improving conditions.”


Sofa to investigate life expectancy

Sofa has launched a research programme to investigate whether consumers taking financial advice have a genuine understanding of their own life expectancy. It believes since life expectancy has increased significantly in the last 20 years consumers planning for retirement may not understand they may need live longer than anticipated and thus require more savings. Sofa […]

Threesixty helps with authorisation

Support service provider Threesixty is offering a suite of services designed to make it easier for mortgage and general insurance intermediaries to become authorised by the FSA. Partner Ross McArthur says the initiative is geared towards helping brokers make an informed decision by reviewing the full range of options open to them. Its aim is […]

Winterthur reports strong sales growth in 2003 full year results

Winterthur Life is showing strong growth in new insured single premium pensions business sold through IFAs for 2003. It has reported that sales are up 15 per cent to £669m compared to 2002. Over the same period group personal pension business increased 22 per cent and defined contribution pensions went up 194 per cent. However, […]

Corporate and CGT tax to freeze

The Chancellor has vowed to freeze corporate and capital gains tax over the coming year. Presenting the Government&#39s budget for 2004, Gordon Brown said there were no reasons to increase these taxes at the present time.


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