AIG Life is to pay out £100 million to investors in its protected recovery fund, in the first of a series of bi-annual payments it hopes to make before the fund’s maturity in 2012.
AIG Life is to pay out £100 million to investors in its protected recovery fund, in the first of a series of bi-annual payments it hopes to make before the fund’s maturity in 2012.
In mid-December 2008, 95 percent of policyholders with the frozen enhanced fund opted to switch their investments to the protected recovery fund. The original fund was suspended in September, following the collapse of its parent organisation, US insurer AIG.
At the time of conversion, investors received a price of about 73 percent of their enhanced fund holdings. When added to the 50 percent cash holding already transferred before the fund was frozen, investors looked set to receive nearly 87 percent of the face value of their total holdings.
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