An Essex-based property group - Countrywide Assured - has blamed stock market falls for wiping nearly £20m off its life company's profits.
The group said volatile equities had not only hit investment returns but also led to increasing numbers of people dumping their controversial endowment mortgage policies.
The group has also set aside £9.4m to cover the cost of complaints, compensation for people who were mis-sold endowment policies, and homeowners who have let their policies lapse.
Published Tuesday, March 12, 2002
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