EQUITABLE LIFE MEMBERS
Preliminary Announcement Re Accounts 2002
Life’s Preliminary Announcement for the year ended 31 December 2002
“cautiously optimistic” about future outlook
to meet statutory solvency requirements; real progress in stabilising
the fund and no material new issues have emerged.
reductions to maturity or surrender payouts needed.
No discretionary bonus for 2002.
Interim non-guaranteed bonus of 3.5% p.a. (2.75% p.a. for life
assurance policies) commences from 1 April, 2003.
securities now account for 80% of total asset portfolio.
“cautiously optimistic” over future but significant uncertainties
Treves, Equitable Life’s Chairman, said: “I believe that these
results show that Equitable Life is gradually coming out of intensive
responding to treatment, we are still some way off declaring a clean
bill of health. There are a number of difficult issues that still need
to be resolved but, looking forward, I am cautiously optimistic about
the Society’s outlook.”
Thomson, the Society’s Chief Executive, said: “This has again been a
difficult period for Equitable Life but the actions taken over the last
year are helping to stabilise the Society.
Over the coming year we aim gradually to remove the substantial
uncertainties that continue to overhang the Society, meet our
obligations to policyholders, reduce expenses and resolve outstanding
claims and litigation against the fund. We are on track to meet those objectives.”