Mutual society has received all required approvals for Police Mutual to become part of Royal London today
In June, we announced that Police Mutual member representatives had unanimously voted to approve a transaction involving Royal London, a deal which was subject to regulatory approval.
Today we can confirm that after being accepted by the Prudential Regulation Authority (PRA), the transfer of the mutual, which provides financial services to serving and retired police officers, has completed.
Commenting on the news, Royal London chief executive, Barry O'Dwyer, said: "We're delighted that Police Mutual is now part of Royal London. Royal London and Police Mutual have complementary values and culture. Both are mutual and are committed to delivering the best value for their customers and members. Police Mutual plays a vital role in providing financial services and products to police officers and the armed forces. We are pleased to be able to provide the company with a secure future and look forward to working with Police Mutual colleagues."
John Perks, Police Mutual CEO, said: "Today marks the start of an exciting new chapter in Police Mutual's long, proud and evolving history. Becoming part of Royal London will provide a more sustainable future for Police Mutual, and also our Forces Mutual brand, as part of a larger, stronger business. Just as importantly, the transfer preserves what our customers and the Police service value most about Police Mutual.
"Our mutuality is an important part of who we are - we are delighted that this continues as part of Royal London."
Kevin Parry OBE, chairman of Royal London, added: "I am pleased that Royal London has developed offerings that will meet the needs of police officers. Society places great demands on the police and we are all reliant on the services that they provide to the nation. We look forward to being able to play our part in the welfare of the families of current and former officers and staff."
The deal completes against a backdrop of rumours around a potential Royal London takeover of LV=.
