Royal London Group

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The Royal London Mutual Insurance Society Limited
Type Mutual Society
Industry Financial services
Founded 1861
Headquarters London, United Kingdom
Key people Rupert Pennant-Rea, Chairman
Phil Loney, Chief Executive
Products Life assurance, pensions
Website http://www.royallondongroup.co.uk

The Royal London Mutual Insurance Society Limited and its subsidiaries, trading as the Royal London Group, is the largest mutual insurer in the United Kingdom, serving 5.5 million customers, with funds under management of £73.5 billion as at 30 September 2013.[1]

Founded in 1861, initially as a friendly society dedicated to serving the interests of its members and securing their financial security, Royal London became a mutual life insurance company in 1908.[2]

Operations

Advert for Scottish Provident in the Inverness Burgh Directory, 1921

The Royal London Group consists of the following businesses:[3]

  • Ascentric - a wrap platform
  • Bright Grey - offering life assurance and critical illness cover
  • Royal London 360° - the international division of Royal London created by the merger of Scottish Life International and Scottish Provident International.
  • Royal London Plus - administers policies for who originally took out policies with Royal London, Royal Liver, Refuge Assurance and United Friendly
  • Royal London Asset Management - manages assets for policyholders and external clients
  • Royal London Retail - formerly Phoenix Life Assurance Limited.
  • Scottish Life - specialising in pensions.
  • Scottish Provident (established 1837) - offering individual life protection products
  • Caledonian - protection products (Republic of Ireland)
  • MoneyVista - online financial planning service

Royal Liver

In 2010, the Royal London Group announced that they were in talks with Royal Liver Assurance over a possible acquisition.[4] Royal London and Royal Liver agreed the terms and conditions in 2011.[5] The delegates of Royal Liver voted for the takeover at their AGM on 12 May 2011 and it was confirmed on 1 July that, having received all the relevant regulatory approvals, the transfer of Royal Liver's assets and liabilities to Royal London has been completed.[6]

The Co-operative

In 2013, The Co-operative Group agreed to sell its life insurance, investment and pension businesses to the Royal London Group.[7] The administration of the portfolio had been managed by Capita Group since 2007. Co-operative Insurance Society Limited,[8] an industrial and provident society formed in 1867, became a private company limited by shares under the Companies Act, changing its name to Royal London (CIS) Limited.[9] Subsidiary undertakings, CIS Unit Managers Limited[10] and CIS Policyholder Services Limited[11] became RLUM (CIS) Limited and RL Marketing (CIS) Limited respectively.[12] The Co-operative Asset Management Limited also transferred, becoming Royal London Asset Management (CIS) Limited.[13] Excluded from the sale, CIS General Insurance Limited remains with the Co-operative Banking Group; all existing CIS general insurance business was reinsured with CISGIL in 2006.

References

  1. ↑ Royal London Press Release
  2. ↑ A group of specialist businesses where the bottom line is always financial sense The Royal London Mutual Insurance Society (retrieved 27 August 2013)
  3. ↑ Royal London website
  4. ↑ The Times - "Royal Liver in rescue talks with Royal London"
  5. ↑ Citywire - "Royal Liver agrees to Royal London takeover"
  6. ↑ Royal Liver press release - Delegates vote YES
  7. ↑ PRA approves Royal London’s acquisition of the Co-operative Group’s life insurance business; FCA approves acquisition of Co-operative’s asset management business The Co-operative Banking Group, 26 July 2013
  8. ↑ Registered under the Industrial and Provident Societies Act 1965, No. 3615R. Authorised and regulated by the Financial Services Authority, entered in the Register under No. 150965
  9. ↑ Registered in England and Wales, No. 8629353
  10. ↑ Registered in England and Wales, No. 2369965. Entered in the Financial Services Register, Firm No. 144032
  11. ↑ Registered in England and Wales, No. 3390839. Entered in the Financial Services Register, Firm No. 188391
  12. ↑ Welcome to the Royal London Group The Royal London Mutual Insurance Society, August 2013
  13. ↑ Registered in England and Wales, No. 3858994. Entered in the Financial Services Register, Firm No. 141665
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