Royal London Group
 | |
| Mutual Society | |
| Industry | Financial services |
| Founded | 1861 |
| Headquarters | London, United Kingdom |
Key people |
Rupert Pennant-Rea, Chairman Phil Loney, Chief Executive |
| Products | Life assurance, investment management, pensions |
| Website | http://www.royallondon.com |
The Royal London Mutual Insurance Society Limited and its subsidiaries, trading as Royal London Group, is the largest mutual insurer in the United Kingdom, with Group funds under management of £73.6 billion. Group businesses serve over 5.3 million customers and employ 2,900 people.
(Figures quoted as at 31 December 2013)
Royal London Group is a specialist financial service provider consisting of the following businesses;
- Bright Grey – UK protection market
- Royal London (CIS) Ltd - UK life, pension and protection market
- RLAM and RLAM (CIS) Ltd – fund management
- Ascentric/IFDL – Wrap platform
In November 2013 Royal London announced a plan to operate all of its UK life, pension and investment business under a new version of the Royal London brand.
Offices
Royal London is registered in England with its registered office in the City of London. It operates from offices in Edinburgh, Wilmslow, London, Bath, Reading and Dublin.
History
Founded in 1861 by Joseph Degge and Joseph Ridge in London, Royal London was initially as a friendly society dedicated to serving the interest of it members and securing their financial security. Royal London became a mutual life insurance in 1908.
Other elements of the modern business are older than the primary brand: for example Royal Liver Assurance was founded in 1850, while the Irish business now branded as Caledonian Life dates back to 1824, and represents the Caledonian Insurance Company originally founded in Edinburgh in 1805.
Growth through Acquisition
On 31 December 2000 Royal London took over United Assurance Group plc. The transaction was the largest acquisition of a quoted UK company by a mutual. United Assurance Group itself had been formed by the merger of United Friendly and Refuge Assurance in October 1996.
On 2nd October 2000 it was announced that Royal London would acquire Scottish Life, the Edinburgh-based pension specialist. Transfer took place on 1 July 2001.
In March 2003 Royal London launched a new start up protection business, Bright Grey based in Edinburgh.
In May 2008 Royal London concluded a transaction to acquire the open businesses of Resolution. These were the protection businesses Scottish Provident and Scottish Mutual; Phoenix Life Assurance Limited (formerly Abbey National Life) and Scottish Provident International.
At the beginning of 2009 the offshore businesses Scottish Provident International and Scottish Life International were combined to form a new entity, Royal London 360° based in the Isle of Man. This business was subject to a management buyout in November 2013.
In 2010 Royal London announced that it was in talks with Royal Liver Assurance over a possible acquisition. Terms were agreed in 2011 and the delegates of Royal Liver voted for the takeover at their AGM on 12 May 2011 and the transfer was completed on 1st July.
In 2013 The Co-operative Group agreed to sell its life & pensions and asset management businesses to Royal London. The proposed transaction gained the approval of Royal London members at an EGM in June 2013 and gained regulatory approval on 31 July 2013.