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Britannic declares 'orphan assets' bonuses
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Newspaper Article
Britannic declares 'orphan assets' bonuses
1997
Overview
Britannic Assurance policyholders will be hundreds of pounds better off after sharing a pounds 209m special bonus declared yesterday. But shareholders are to be awarded more than four times as much as the 1.2 million policyholders. The company said yesterday it had agreed with the Department of Trade and Industry (DTI) that pounds 902m of the assets in Britannic's life funds belonged to shareholders. They will not receive a direct payout of the windfall but will get an 82 per cent lift in the dividend. Analysts said the 8.5p fall to 564.5p in Pru's shares was because Britannic had been unable to persuade the DTI that the orphan assets in its ordinary, rather than industrial, life insurance business should be released to shareholders.
Publisher
Independent Digital News & Media
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