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Personal Finance: Axa cuts payouts.

AXA is cutting payouts on some of its savings policies by an average of five per cent.

The group blamed three years of falling stocks for its decision to cut the terminal bonuses it paid on some life and pension products invested in the AXA Sun Life and Sun Life Assurance Society with-profits funds. But it added that regular bonuses on all its products remained unchanged, and terminal bonuses had been cut on only about 16,000 of its 1.5 million with-profits policies.

With-profits are long-term savings products which aim to smooth out stock market volatility by holding back returns in good years and paying them out in bad ones.
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Title Annotation:Features
Publication:The Birmingham Post (England)
Date:Oct 2, 2004
Words:111
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