Royal London is now in control of more 10 per cent of the UK’s individual life market after completing the takeover of Phoenix Life Assurance and the Scottish Provident and Scottish Mutual protection businesses.
The new businesses will join Bright Grey, which is Royal London’s existing specialist protection brand. According to group chief executive, Mike Yardley, Royal London is now one of the top three providers of individual life protection insurance in the UK.
Mr Yardley said: "Having three specialist businesses, each with a very strong proposition and successful track record, enables us to significantly increase our presence in the British protection market."
He added that Scottish Provident and Phoenix Life Assurance Limited would bring about 1.25 million additional policyholders to Royal London and that this would increase their total customer base to over 4 million people, of which more than 1.1 million have life protection plans .
Royal London concludes protection takeovers
Financial Services > Income lnsurance > News
Royal London concludes protection takeovers
Wed, 13 Aug 2008
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