Life - Articles - Royal London members vote 95% in favour of acquisition


 Members of the Royal London, the largest life and pensions mutual in the UK, have voted resoundingly in favour of proposals for the acquisition of life insurance and asset management businesses of the Co-operative Banking Group.

 At the company's Extraordinary General Meeting (EGM) held in London this morning 95% of the members vote was in favour of a motion to acquire the businesses and 5% were against or withheld. The company required just a simple majority member vote in favour for the proposals to be passed.

 The emphatic vote in favour from the members means that, subject to final regulatory approvals involving a 'Change in Control' from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the acquisition is expected to be completed in late summer 2013.

 Tim Melville-Ross, Chairman of Royal London, said:

 "I warmly thank the Royal London members for their support for the Board's proposals to acquire these businesses.

 "The acquisition increases our scale, capabilities, profitability and financial strength. The board believes it will support further our mutual dividend policy which has already seen over £325 million allocated to our members accounts since 2007.

 "It is transformative and exciting for us and we look forward to welcoming the Co-operative policyholders into Royal London. We become an even more substantial player in the UK life and pensions market and it is a landmark step forward representing significant financial and strategic value to the Group and our members".

 With the acquisition Royal London Group's funds under management will increase from circa £50 billion to £70 billion and asset management capabilities will also be strengthened, particularly in the area of socially responsible investments. The number of customers of the Group will increase from around 4 million to 6 million and the number of policies managed will increase from 6.8 million to 10.3 million.

 The EGM was to be followed this morning by the Royal London's Annual General Meeting (AGM) which is to be the last for Tim Melville-Ross as Chairman before his retirement. Rupert Pennant-Rea is to be appointed the new Chairman at the AGM.

Back to Index


Similar News to this Story

IPT receipts hit over GBP1 billion in November 2024
According to this morning’s HMRC data, Insurance Premium Tax (IPT) receipts reached £1.2 billion in November 2024, bringing the eight-month 2024/25 to
Healthy life expectancy data hint at post pandemic recovery
New figures published last week by ONS show Healthy Life Expectancy for younger age groups is lower than a decade ago although older ages have seen a
Treatments through PMI hit record in first half of the year
Over seven in 10 of all private health treatments are now being funded via PMI. Record H1 in 2024 for PMI-funded health admissions as employers expand

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.