REG - Royal London RL Fin Bnds No.2 PLC RL Fin Bnds No.3 plc RL Fin Bnds No.4 PLC - RLMIS acquires Aegon UK individual protection book

AegonAnnouncement

04/04/2023 08:15

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RNS Number : 2349V  Royal London  04 April 2023

 
      4 April 2023

Royal London acquires Aegon UK's individual protection book

The Royal London Mutual Insurance Society Limited (Royal London), the UK's
largest life, pensions, and investment mutual has today announced it has
reached an agreement with Aegon UK to acquire its individual protection line
of business, subject to court approval.

As a result of the acquisition, the life insurance, critical illness and
income protection policies for over 400,000 customers will transfer to Royal
London.

Barry O'Dwyer, Group Chief Executive, commented:

"We are delighted to be welcoming over 400,000 new protection customers and
their advisers. Combined with over 900,000 existing customers who already
trust Royal London to protect their families against life shocks, this
transaction strengthens our position in the UK protection market. Our
reputation for outstanding customer service means that customers and advisers
will be reassured that they are in safe hands.

"The advised nature of Aegon's individual protection customer base makes it a
perfect strategic fit. We are strong champions of the adviser community and of
impartial advice, and we look forward to supporting advisers through this
transaction, making sure there is no disruption to their businesses or to
their clients."

Customers' policies are expected to transfer to Royal London in 2024,
following the completion of a court-approved Part VII transfer. In the interim
period, Aegon UK will reinsure the portfolio to Royal London.

There is no immediate change for customers or their advisers. All servicing
and claims will continue to be processed in the usual way. Royal London and
Aegon will provide updates to customers and financial advisers as the
acquisition progresses.

 

For further information please contact:

Powerscourt: Andy Smith / Gilly Lock

Tel: +44 (0) 7872 604 889 / +44 (0) 7711 380 007 / +44 (0) 20 7250 1446

Email: royallondon@powerscourt-group.com
(mailto:royallondon@powerscourt-group.com)

 

About Royal London

Royal London is the largest mutual life, pensions and investment company in
the UK, with assets under management of £147 billion, 8.7 million policies in
force and over 4,200 employees. Figures quoted are as at 31 December 2022.

 

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