Royal London now controls over 10% of the UK's individual life market after completing the takeover of Phoenix Life Assurance and the Scottish Provident and Scottish Mutual protection businesses.
Acquired as part of the Pearl Group-led £4.98bn takeover of Resolution, Royal London purchased the protection businesses along with Scottish Provident International Life Assurance.
The new businesses will join Royal London’s existing specialist protection brand, Bright Grey.
Royal London has now become one of the top three providers of individual life protection insurance in the UK, group chief executive Mike Yardley says.
“Having three specialist businesses, each with a very strong proposition and successful track record, enables us to significantly increase our presence in the UK protection market," he says.
“Scottish Provident and Phoenix Life Assurance Limited will bring around 1.25m additional policyholders to Royal London.
“This will increase our total customer base to well over 4m people of which over 1.1m have life protection plans.”
Royal London says the in-force protection business is still yet to be acquired by the group, to be transferred by means of schemes under Part VII of FSMA 2000. It expects the schemes will complete by the end of the year.IFAonline
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