Royal London welcomes final phase for acquisitions

Royal London, the UK’s largest mutual life and pensions company, has welcomed today’s completion of Pearl’s acquisition of Resolution.

Mike Yardley, Group Chief Executive of Royal London, said:

“Today marks the start of the final phase of Royal London’s acquisition of some of the Resolution businesses and assets from Pearl.

“At an operational level, nothing is changing at the present time. Advisers and policyholders will continue to deal with their usual contacts in the businesses that are transferring, notably Scottish Provident International and the protection business of Scottish Provident. Similarly, it is ‘business as usual’ for Bright Grey and Scottish Life International, within the Royal London Group.

“Over the next few weeks we will be working closely with Pearl to separate the parts of Resolution that will be transferring to Royal London from those that will remain with Pearl. We will be focused on ensuring the transition is as smooth as possible for everyone concerned.”

The main businesses and assets being acquired by Royal London are:

• The protection businesses of Scottish Provident and Scottish Mutual Assurance, including the policies in force.
• Phoenix Life Assurance, formerly Abbey National Life whose products are distributed through Abbey’s national branch network.
• Scottish Provident International Life Assurance, which is based in the Isle of Man.

The new business operations of these companies and the investment management of the underlying funds are also being acquired as part of the deal with Pearl.