Royal London
March 12th 2010

Resolution Update

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30 December 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 1 August, Royal London announces the completion of the transfer of the insurance business of Phoenix Life Assurance Limited (which is now being re branded as Royal London) and the transfer of certain books of protection business from Scottish Mutual and Scottish Provident.

The legal transfer of these businesses required the approval of the High Court of Justice which was granted on 4 December 2008. Completion of the transfers took place at 23:55 on 29 December 2008.These transfers complete the successful acquisition from Pearl Group of various businesses formerly owned by Resolution plc.

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 (which is now being rebranded as Royal London) – 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 £34.5 billion. Group businesses serve around 3.5 million customers and employ 2,900 people. Figures quoted are as at 30 September 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