Have investigated fully! Well, fully-ifh.
Norwich Union, folowing the treasury select committee hearing, have made another offer, distributing about 40% of the inherited estate (more than Axa, who recently did a similar thing). Claire Spottiswood, the policyholder advocate, is currently deciding whether this offer is reasonable (the 40% will be divided between shareholders and policyholders, she is deciding whether the split is fair, I believe, but may also be deciding whether the 40% offer is adequate).
She will then go back to NU with her decision and one of two things will happen:
a) she agrees that NU's offer is adequate, policyholders and shareholders receive their payout, job done, case closed.
b) she says that the offer is not reasonable and NU can then either make another offer (possible, but becomming less likely as the case drags on), or just not distribute any of the inherited estate, but keep it in the company, possibly resulting in a higher maturity value when the policies mature.
NB, NU is under no legal obligation to distribute anything - the inherited estate is money provided by shareholders to run the company, not money made from policyholders' funds. it is something of a goodwill gesture, although obviously it looks bad if NU decides not to distribute anything. If NU decides not to distribute, it may result in a higher payout at maturity, but nothing is guaranteed.