Ann: Freedom announces business restructure, page-26

- the NPV they have have quoted would have been based on a long term expected lapse rate produced by their Actuaries. it won't allow for the shock lapses that will come from the RC. wouldn't read too much into the 350,000 customers. the industry is tracking a lapse rate of 12-13% per year and these guys from their last annual report were well north of that.

unless they can quickly produce a new distribution model (which won't happen overnight) this company is effectively in run off.