Life - Articles - Co-op to move out of insurance


 The Co-operative Banking Group has announced the signing of a binding agreement with Royal London to sell its life insurance and asset management businesses for a consideration of £219m, of which £180m is deferred pending a successful Part VII transfer of the CIS fund to that of Royal London following completion of the sale.

 The business to be sold includes the £20bn of assets of the CIS Long-Term Business Fund and The Co-operative Asset Management.

 The sale is subject to regulatory approval and the consent of Royal London members at an Extraordinary General Meeting.

 The Co-op also announced that it is to sell its general insurance business.  

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