Payout at last for 800,000 customers of Aviva

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The plan to hand out so-called orphan assets — monies built up over many decades — has been under discussion since at least 2006.

Aviva today said 805,000 policyholders owning CGNU and CULAC with-profits funds can expect a cheque in time for Christmas.

The £470 million payout values the orphan estate at £1.25 billion. The remainder of the cash will be freed up for corporate use.

Policyholder advocate Clare Spottiswoode, a former gas regulator, was appointed to handle the interests of the policyholders.

Analysts say if she had been quicker to agree the terms, the payout could have been higher.

The value of the orphan estate tumbled in the midst of the financial crisis and solvency concerns led some to question whether a payout of any sort was wise.

The Aviva payout will be a huge logistical exercise. The affected policyholders are spread across 157 countries.

Orphan funds — which are also known as the inherited estate — have been a controversial issue for decades.

Critics of the industry say the funds should have been paid out sooner, and that in many cases the owners of the assets have since died.