Royal London “welcomes final phase” for acquisitions
Thursday, 1 May 2008
Royal London, the UK's largest mutual life and pensions company, has welcomed today's completion of Pearl's acquisition of Resolution.
Mike Yardley, Group Chief Executive of Royal London, said:
"Today marks the start of the final phase of Royal London's acquisition of some of the Resolution businesses and assets from Pearl.
"At an operational level, nothing is changing at the present time. Advisers and policyholders will continue to deal with their usual contacts in the businesses that are transferring, notably Scottish Provident International and the protection business of Scottish Provident. Similarly, it is 'business as usual' for Bright Grey and Scottish Life International, within Royal London Group.
"Over the next few weeks we will be working closely with Pearl to separate the parts of Resolution that will be transferring to Royal London from those that will remain with Pearl. We will be focussed on ensuring the transition is as smooth as possible for everyone concerned."
The main businesses and assets being acquired by Royal London are:
- The protection businesses of Scottish Provident and Scottish Mutual Assurance, including the policies in force.
- Phoenix Life Assurance, formerly Abbey National Life, the products of which are distributed through Abbey's national branch network
- Scottish Provident International Life Assurance, which is based in the Isle of Man
The new business operations of these companies and the investment management of the underlying funds are also being acquired as part of the deal with Pearl.
- ENDS -
For further information please contact:
Royal London
Alasdair Buchanan
Group Head of Communications
Tel: 0131 456 7133
Mobile: 07919 170413
Polhill Communications
Jenette Perry
Tel: 0207 655 0530
Editor's Notes:
Royal London Group, is a specialist financial service provider. Its businesses focus on those sectors of the market which value premium propositions, operating through a number of brands:
- Scottish Life – UK pensions market
- Bright Grey – UK protection market
- Scottish Life International – offshore investment markets
- RLAM – fund management
- RLAS – life and pensions administration
- Fundsdirect / Ascentric – funds supermarket; Wrap Platform
Royal London is one of the stronger life and pension companies in the UK, and has a strong track record for with-profits performance.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £33.1 billion. Group businesses serve around three million customers and employ 2,620 people (figures quoted are as at 31 December 2007).