More than a million policy holders will be consulted over the distribution of Aviva’s £4 billion inherited estate, raising the possibility of individual windfalls of £3,270 as early as 2008.
Clare Spottiswoode, the former gas regulator, will represent policyholders in talks with Aviva over the reallocation. She will begin a series of roadshows next January to explain the process to customers.
An inherited estate is money that has built up in a with-profits fund over many years, above the amount the insurer needs to meet its current and future promises.