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Royal London
is tipped to become one of the UK’s top three protection providers
following a major milestone in its acquisition of various assets
and businesses from Pearl Group.
The mutual life and pensions company has acquired Scottish Provident’s
new business capabilities, in respect of individual life protection
business, and of Phoenix Life Assurance Limited (PLAL), formerly
Abbey National Life.
Schemes are expected to complete by the end of 2008, with the in-force
protection business still to be acquired.
These businesses will be brought into the Group alongside Royal
London’s specialist protection brand, Bright Grey, and this
is expected to push the company into the top three providers of
individual life protection insurance in the UK.
“We have now reached an important landmark in the implementation
of Royal London’s strategic plans in the protection market,”
said Mike Yardley, group chief executive of Royal London. “Having
three specialist businesses, each with a very strong proposition
and successful track record, enables us to significantly increase
our presence in the UK protection market.”
The acquisitions of Scottish Provident and PLAL will bring around
1.25 million additional policyholders to the Group, increasing its
customer base to well over four million people – 1.1 million
have life protection plans.
Bright Grey and Scottish Provident will continue to operate as separate
brands, in total securing over 18 per cent of individual protection
new business through intermediaries in 2007. This would have ranked
them in the top two providers.
Yardley added: “We believe that having both Bright Grey and
Scottish Provident within the Group, each with its particular strengths,
offers IFAs a valuable breadth of choice and access to specialist
support.
“We are very pleased to welcome a talented and motivated group
of people to Royal London Group and I’m sure they will contribute
very positively to the Group’s continuing success.”
- Pensions Age
August 2008
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