Royal London members agree Co-op Bank life insurance deal

clock

Members of Royal London have agreed with plans to acquire the Co-operative Banking Group's life insurance business.

At the life and pension mutual's Extraordinary General Meeting held in London this morning, 95% of the members' vote was in favour of a motion to acquire the life insurance and asset management businesses.

Subject to final regulatory approvals from the Prudential Regulation Authority and the Financial Conduct Authority, the acquisition is expected to be completed in late summer 2013.

With the acquisition Royal London's funds under management will increase from an estimated £50 billion to £70 billion,

The number of customers will increase from around 4 million to 6 million and the number of policies managed will increase from 6.8 million to 10.3 million.

Tim Melville-Ross, chairman of Royal London, said: "I warmly thank the Royal London members for their support for the Board's proposals to acquire these businesses.

"The acquisition increases our scale, capabilities, profitability and financial strength. The board believes it will support further our mutual dividend policy which has already seen over £325 million allocated to our members accounts since 2007.

"It is transformative and exciting for us and we look forward to welcoming the Co-operative policyholders into Royal London. We become an even more substantial player in the UK life and pensions market and it is a landmark step forward representing significant financial and strategic value to the Group and our members".

 

More on Insurer

Life insurance premium growth to drop to 1% in 2025

Life insurance premium growth to drop to 1% in 2025

Swiss Re research

Cameron Roberts
clock 09 July 2025 • 1 min read
ABI reports impact of Covid-19 Support Fund

ABI reports impact of Covid-19 Support Fund

£104 million in donations

Cameron Roberts
clock 09 July 2025 • 1 min read
The COVER Review: Acquisitions, healthcare and awards

The COVER Review: Acquisitions, healthcare and awards

Week commencing 30 June 2025

COVER
clock 04 July 2025 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read