Royal London has reached an agreement to take over The Co-operative Banking Group’s life insurance and asset management business for £219m.
As part of the deal, £180m of the £219m is deferred and is payable when assets of the same value within the Co-operative Insurance Society (CIS) become available to Royal London.
The mutual life and pension company will see funds under management increase from approximately £50bn to circa £70bn. Royal London is to provide policy administration services, asset management services and governance.
The Co-operative Banking Group chief executive Barry Tootell said: “The transfer of our life assurance and asset management business to Royal London will ensure the continued protection of our policy holders, within a strong, mutual business with the necessary scale and focus on the long-term savings sector.”
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