The life insurer AMP has cut bonuses to UK customers on some of its savings products.

AMP, an Australian firm which operates Pearl Assurance and NPI Life in the UK, is the latest in a long line of life insurers to cut payouts to savers.

The Reuters news agency reported that AMP said returns on policies maturing this year would be on average 20% lower than last year.

In addition, annual bonus payouts would range from 5% down to 0%.

Aviva, which owns Norwich Union, and Scottish Widows have both cut bonuses recently.

Three consecutive years of stockmarket falls have been blamed for the cuts and AMP warned on 21 January that its UK business was likely to post �390m ($533m) losses for 2002.