Norwich Union was already the UK's leading provider of equity release plans before it entered a pioneering agreement with Grainger in March 2005. Under this agreement, Norwich now offers home reversion plans alongside its lifetime mortgages.

Norwich Union will market its home reversion plan under its own brand, distribute it through its own salesforce and IFAs, and process applications. Grainger will price each plan, acquire the property, manage it during the tenancy, sell it on vacant possession and retain our share of any profits.

The agreement will enable Norwich Union to consolidate its position as market leader in equity release. And it will help Grainger pursue its strategy to build its equity release portfolio. Norwich Union's home reversion plan has its own features and guarantees which distinguish it from that provided by Bridgewater Equity Release.