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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.”

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