Meet the man whose insurance policy could soon be worth more than Aviva

Friday, Apr 17 2015 03:10 PM

A 25-year-old whose dad took out an usual life insurance policy for him when he was just seven could one day be worth more than the company the policy is with, according to reports.  

Frenchman Max-Herve George has been locked in battle with British-based Aviva, with his family apparently winning 30 legal judgements in the last 15 years.

George holds a ‘known price’ life insurance contract, taken out when he was a boy – which could soon be worth 230 billion Euros. It’s all very complicated, but in a nutshell means he is allowed to make investments after prices have already gone up.

It sounds like a pretty sweet deal, reportedly agreed with a company that later became part of Aviva. But Aviva has refused to accept his claim.

According to The Independent, Aviva has already been told it must credit George’s account to the tune of £1million, a sum that covers potential increases in value between 1997 and 2007. The contract was initially worth 50,000 francs. But he could be sitting on a goldmine.

If it continues to grow at that rate, he’ll be worth 1.2bn Euros by 2020. And by 2030, that value could go up to 230bn Euros, which The Independent points out is more than the value of Aviva.

His lawyer, Lecoq Vallon, said he has around 30 other clients who had similar contracts drawn up by Abeille Vie, a company which later became part of Aviva. George has bought shares in Aviva and Friends’ Life, which is owned by Aviva.

Asked whether pursuing the terms of the contract was putting pensions at risk, George told The Independent: ‘The first point is that Aviva has never approached me with any kind of offer. Never. ‘It is they who have refused to face up to their legal and financial responsibilities.’

An Aviva spokeswoman told the newspaper that the company has no comment to make at this stage.

 

Dave Burke Sunday 12 Apr 2015

http://metro.co.uk/2015/04/12/meet-the-man-whose-insurance-policy-could-soon-be-worth-more-than-aviva-5146389/