UP to reduce PMI premiums by 10% from 1 July

PMI premiums are to be slashed by over 10% by Universal Provident. The decision by the provider follows a major review of its cost structure which revealed it could make significant reductions in both fixed and marginal costs.

Jon Pardoe, managing director of Universal Provident, said: 'In an increasingly competitive market, Universal Provident is determined to significantly increase its market share over the next 12-25 months. We are delighted to pass these savings on to existing and new corporate customers.' Cuts will be implemented from July 1.