However, observers point to the way that building societies were stressing their commitment to the mutual ideal two or three years ago. All have repeatedly stated that they have no intention of abandoning mutuality, as has Standard Life, the largest mutual insurer in Europe. Conversely, anyone hoping to buy a traded endowment to gain from the free shares is wasting their money.Norwich Union's decision to float was not a surprise. Despite its claims of uniqueness, most industry analysts believe its move is likely to be followed by many other mutual insurers.Companies tipped to follow suit, or be taken over by larger banks or already-listed insurers, include Friends Provident, believed to be up for sale at present, Scottish Provident, Scottish Widows, Scottish Amicable and NPI.

It may be possible for some policyholders to extend the life of their policies until after the vote.Beale Dobie, which deals in second-hand endowment policies, said the flotation means that anyone considering surrendering their policies should think again. By selling them on the second-hand market, policyholders will retain the right to shares on flotation. The company said last week that those individuals will receive an extra, unspecified bonus to their funds to take this into account. Those not benefiting will be the company's motor, household and other general insurance policyholders, 600,000 health and medical insurance members, unit trust and PEP investors.Others who will lose out are the 10,000-15,000 members whose policies nature between now and March next year, when voting takes place. Qualifying members will be given the right to buy an additional amount of shares at a preferential price. Based on estimates of a pounds 2bn payout to policyholders, this would mean a basic allocation about pounds 500 worth of shares each.Among policyholders qualifying for shares are those with life and term assurance cover, both with-profits and unit-linked policyholders, personal pensions and annuity holders.

Norwich Union said last week that it intends to give each policyholder a basic allocation of shares, with an extra amount depending on the scale of a member's savings with the company. However, the flotation will involve giving policyholders a parcel of shares each and raising extra capital from the stock market. Experts believe the company will be worth between pounds 4bn and pounds 4.5bn, with members receiving about pounds 2bn in shares. The insurer refused to give details of its plans, which it intends to unveil ahead of a ballot and meeting of members next Spring. As with the building societies, Norwich Union plans to sweeten the deal for policyholders by offering them shares in the company when it floats next year.

The decision, taken after a year's review of the insurer's options, follows the rush by most large building societies, including the Halifax, Woolwich and Alliance & Leicester, to become banks. Norwich Union this week became the first of the UK's mutual insurance companies to announce plans to float on the Stock Exchange, entitling 2.9 million policyholders to a shares handout. InSkinParams = new Array(); InSkinParams['srv_SectionID'] = '124015'; InSkinParams['srv_Keywords'] = 'home'; InSkinParams['srv_Categories'] = ''; InSkinParams['srv_UseSAS'] = 'false'; InSkinParams['sas_PauseAdTag'] = ''; InSkinParams['plr_InSkinID'] = 'myPageSkin'; InSkinParams['plr_ContentID'] = 'myContent1'; InSkinParams['plr_ContentW'] = '975'; InSkinParams['plr_FrameTop'] = '90'; InSkinParams['plr_FrameSide'] = '130'; InSkinParams['plr_FrameBottom'] = '90'; InSkinParams['plr_TotalW'] = '900'; InSkinParams['plr_TotalH'] = '600'; InSkinParams['plr_ContentType'] = 'PAGE'; InSkinParams['plr_HideElementsByID'] = ''; InSkinParams['plr_HideElementsByClass'] = ''; InSkinParams['plr_ExpandableDetached'] = 'true'; InSkinParams['plr_NoSkinInSkinResize'] = 'true'; InSkinParams['plr_AssumeSkin'] = 'false'; function addEvent( obj, type, fn ) { var obj = ( obj.constructor === String ) ? document.getElementById( obj ) : obj; if ( obj.attachEvent ) { obj[ 'e' + type + fn ] = fn; obj[ type + fn ] = function(){ obj[ 'e' + type + fn ]( window.event ) }; obj.attachEvent( 'on' + type, obj[ type + fn ] ); } else obj.addEventListener( type, fn, false ); } if ((navigator.platform.indexOf("Mac") == -1) && (navigator.platform.indexOf("Linux") == -1)) { addEvent(window, 'load', function() { var adjustment = 0; InSkinParams['plr_ContentH'] = jQuery('#InSkinPageContainer_' + InSkinParams['plr_InSkinID']).height() + adjustment; if (screen.width >= 1235) { InSkinLoad.init(InSkinParams); } }); }. If you typed in a URL, please make sure you have typed it correctly. In particular, make sure that the URL you typed is all in lower case. Saw lots of baby elephants literally 10ft away from our bus, eat your heart out David Attenborough" - Bean family, Yorkshire4.4.96 "Where are all the cheetahs?" - Ann, USA9.4.96 "Dear Ann, USA - we saw three cheetahs having a rest! (and much more)" - Nicola and Kathleen, WalesBirds seen today2.4.96 "I saw some really good-looking ones with legs up to their armpits and great blondehair" - anon27.10.95 "Yes, big birds, small birds, most of them flying very fast" - Bwana Masharubu24.8.95 "Two lovebirds Hawkand hawkette" - Mr andMrs Lundmark on theirhoneymoon. Samburu Lodge in Samburu National Game Reserve, Kenya Game seen today 4.8.96 "Lioness and cubs (we saw them suckling and had a puncture 10 feet away!!!)" - Anon7.8.96 "We saw everything except lions but still had a great time" - Men from 16th HGS, USAF18.7.96 "We've seen a herd of 45 elephants heading towards the mountains for food.