Mutual Scottish Friendly has completed the acquisition of a back book of life and pension policies from financial services provider Canada Life.
The deal has seen its assets under management (AUM) increase by £2.4bn to more than £5bn. Its membership has increased by some 127,000. Scottish Friendly said it would ensure all transferring customer policies received the "highest standards of care" during the transition period. The companies first announced the deal to sell the closed book of business in June last year. Scottish Friendly chief executive Jim Galbraith (pictured) said: "This is a landmark acquisition for Scottish Friendly and helps to consolidate us as a leading mutual and a significant player in UK financial servi...
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