U.K.'s Equitable Calls It Quits.Equitable Life Equitable Life may refer to:
The insurer, founded in 1762 and the world's oldest mutual, said it would still pay benefits and collect premiums on existing business. But policyholders would face lower returns on with-profits policies The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. A with-profits policy (Commonwealth) or participating policy (U.S. , and seven months of growth in policy values that was lost earlier this year wouldn't be restored. Equitable was hobbled by a decision in the House of Lords House of Lords: see Parliament. in July that overturned the insurer's decision to cut final payouts on certain guaranteed annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. policies it had written. The ruling forced it to set aside [pound]1.5 billion (about $2.17 billion) to cover that liability--taking away seven months' worth of growth from policyholders. The company decided to put itself up for sale after the Lords' decision, but the shortfall in funding drove away all but three suitors. Equitable negotiated with all three, but the last two--widely reported to be London-based Prudential Prudential is the name of two different companies and buildings named after them: Companies:
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