Royal London will merge its newly-acquired Scottish Provident International Life Assurance (SPILA) business with Scottish Life International (SLI).
The announcement of a new single entity comes just under a week after Royal London completed SPILA’s integration to the group, the first finalised asset transfer following the Pearl Group-led takeover of Resolution.
As part of Pearl’s £4.98bn Resolution deal, Royal London purchased SPILA, the Scottish Provident and Scottish Mutual Assurance protection businesses, as well as Phoenix Life Assurance.
SLI chief executive David Kneeshaw will spearhead the new combined business and has been entrusted with the responsibility for designing the best model to accelerate Royal London’s international growth.
Until the combination is complete, Kneeshaw and SPILA chief executive Lillian Boyle will retain current roles and responsibilities.
“We have looked hard at how best to achieve our ambitions to provide an enhanced platform for profitable growth and it was clear that there were likely to be considerable advantages in creating a single international business,” Royal London intermediary division chief executive John Deane says.
While Royal London will merge its international operations, it has ruled out merging the Scottish Provident protection businesses it will receive via Pearl with its own Bright Grey arm.
“As we have previously stated, we will operate the Bright Grey and the Scottish Provident protection businesses as distinct brands,” Deane says.
“We have already identified the executive team that will lead the Scottish Provident protection business, and Bright Grey will continue to have its own, separate executive team.”IFAonline
Interest rate outlook unchaged
FCA made demands last week
'Unsung' part of FSCS work