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1 August 2008

The Royal London Mutual Insurance Society Limited ("Royal London")

Statement on transfer of Scottish Provident branded protection business, Phoenix Life Assurance Limited and other former Resolution businesses and assets to Royal London

Following the previous announcement on 3 June 2008 relating to the transfer to Royal London of Scottish Provident International, Royal London announces the completion of the acquisition of Scottish Provident's new business capabilities (in respect of individual life protection business) and of Phoenix Life Assurance Limited (formerly Abbey National Life, the products of which are distributed through Abbey's national branch network).

The in-force protection business still to be acquired by Royal London will be transferred by means of schemes under Part VII of FSMA 2000. It is expected that such schemes will complete by the end of 2008.

Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:

  • Scottish Life – UK pensions market
  • Bright Grey – UK protection market
  • Scottish Provident -- UK protection market
  • Phoenix Life Assurance Limited – provides life, investment and pensions products to Abbey's national branch network
  • 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 the largest mutual life and pensions company in the UK with Group funds under management of £32.4 billion. Group businesses serve around three million customers and employ 2,750 people (figures quoted are as at 30 June 2008).

Enquiries:

Royal London:

Alasdair Buchanan +44 (0) 131 456 7133 / +44 (0) 7919 170413

Polhill Communications:

John Coles +44 (0) 207 655 0530 / +44 (0) 7836 273660