Scottish Provident International completes transfer to Royal London Group
Tuesday, 3 June 2008
Royal London, the UK's largest mutual life and pensions company, has announced the successful completion of the transfer of Scottish Provident International Life Assurance (SPILA) to become part of the Royal London Group.
Mike Yardley, Group Chief Executive of Royal London, said:
"We are delighted to welcome Scottish Provident International to the Royal London Group.Completion of the transfer provides a step change in Royal London's presence in the offshore market.In SPILA and Scottish Life International, we now have established international operations in key markets, servicing over 40,000 customers with £1.8 billion funds under administration through existing distribution partners.
"The strategic rationale of this acquisition is clear.Royal London's growth in the offshore sector will accelerate and we will substantially increase the scale of our operations.This will provide a sound platform on which we can continue to deliver profitable growth.
"I would like to thank all the people, in Royal London Group and in SPILA and Pearl, who have worked extremely hard to secure a successful conclusion to the transfer.Our focus now is to enhance the Group's propositions for international markets and so expand our success."
SPILA is writing to financial advisers and customers to advise them of the change of ownership to Royal London and to confirm that there are no changes to the benefits, features or terms and conditions of their SPILA policies.
Royal London continues to work closely with Pearl to achieve the smooth transfer of the Scottish Provident protection business, Phoenix Life Assurance Limited and the other businesses and assets Royal London is acquiring.Further information about these transfers will be provided in due course.
- 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:
1. In addition to Scottish Provident International Life Assurance, the main businesses to be 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
2. 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
- Scottish Provident 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 £32.6 billion. Group businesses serve around three million customers and employ 2,630 people (figures quoted are as at 31 March 2008).