Royal London will soon merge its newly acquired Scottish Provident International Life Assurance busi...
Royal London will soon merge its newly acquired Scottish Provident International Life Assurance business with Scottish Life International as part of a move to compete "more aggressively in the international marketplace".
SLI chief executive David Kneeshaw will head a steering group to develop a new international strategy for Royal London, the company said, and is expected to issue a report as early as the end of July. The steering group will be drawn from both the Spila and SLI management teams.
It is too early to say how many, if any, jobs would be affected by such a merger, said Douglas Law, SLI head of marketing. But because the two businesses are largely complementary - Spila is mostly UK-focused, while Scottish Life is more international - and because the plan is to grow the newly combined entity, it is hoped that few if any jobs would be lost. About 250 people are employed by the two businesses, with slightly more at Spila.
The issue of how best to combine the Spila and SLI headquarters on the Isle of Man is one issue the group will deal with, Law said.
Once the steering group's proposals have been approved, Kneeshaw will assume the role of chief executive of the newly combined international business, and will be responsible for implementing the plans.
John Deane, chief executive of Royal London's intermediary division, said: "Our acquisition of Spila has added significant scale to Royal London's international business. 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. This view has been confirmed by more detailed work in recent weeks."
Bought plans in 1988 and 1989
To be added to model portfolio service
Launched 25 September