Refuge discusses surplus cash

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The Independent Online
Refuge discusses surplus cash

Refuge Group became the second insurer to announce talks with the Department of Trade and Industry over surplus cash in its life funds. Last month United Friendly Group got DTI approval to distribute £275m to shareholders from its long-term funds. The company also reported a 22 per cent rise in profits to £29.7m last year, despite bolstering its pensions mis-selling provision by £12m to £23.4m.

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