Delta Lloyd deal on profiteering policies

Insurance company Delta Lloyd has set aside €300m to compensate the holders of so-called profiteering policies – investment-based savings products on which up to 40% of the premiums go on costs and fees.

The deal was worked out between the company and a lobby group representing 200,000 policy holders.
Delta Lloyd is responsible for some 5% of the 6.5 million profiteering policies sold since the 1990s.
Reacting to the Delta Lloyd deal on Wednesday finance minister Wouter Bos said in a tv interview that other insurers no longer have an excuse not to make similar compensation agreements.
Other big players include Nationale Nederlanden, Rabobank and Fortis.

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