Royal London Police Mutual to become part of Royal London (0045P)

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RNS Number : 0045P

Royal London

04 June 2020

THURSDAY 4 JUNE 2020

POLICE MUTUAL TO BECOME PART OF ROYAL LONDON

On 24(th) April 2020 The Royal London Mutual Insurance Society Limited (Royal London) and Police Mutual Assurance Society Limited (Police Mutual) entered into an agreement for the business, assets and liabilities of Police Mutual to transfer into Royal London. In accordance with the terms of Police Mutual's constitution, representatives of the members of Police Mutual (known as "Force Authorised Officers") have been voting to approve the transfer.

The vote, which closed earlier today, was unanimously in favour of the transfer.

Commenting on the news, Royal London Chief Executive, Barry O'Dwyer, said:

"Royal London and Police Mutual have complementary values and culture. Both are mutual and are committed to delivering the best value for their customers and members. Police Mutual plays a vital role in providing financial services and products to police officers and the armed forces. We are pleased to be able to provide the company with a secure future."

John Perks, Police Mutual CEO, said:

"Becoming part of Royal London will provide a more sustainable future for Police Mutual; we need a stronger financial position to continue to operate our business - Royal London provides that financial strength.

"It will also make Police Mutual part of a larger business that has a broader business mix, and which offers a wider range of products."

Police Mutual will now make an application to the Prudential Regulation Authority (PRA) to transfer to Royal London.

- ENDS -

Note to editors

1. The Police Mutual Group is the name used for the group of businesses which includes Police Mutual Assurance Society, an incorporated Friendly Society, and PMGI Ltd, an insurance intermediary. It also incorporates Mortgage Excellence and PM Advisory Ltd.

2. Police Mutual Group companies trade as Police Mutual and Forces Mutual.

3. Force Authorised Officers (FAOs) represent Police Mutual members in all the police forces across the country.

4. A minimum of 75% of the FAOs who voted, had to vote in favour. In addition, a minimum of 75% of the votes, weighted by the number of members in their force, had to be in favour of the proposal to allow it to go ahead. 100% of votes in favour were received.

For further information please contact:

 
 Mona Patel                                0203 272 5133 
  Group Head of External Communications     07919 171 964 
  [e-mail] 
 
  Meera Khanna                              02032 725129 
   Corporate PR Manager                      07919 170 502 
   [e-mail] 
 

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of GBP138.9 billion, 8.6 million policies in force and 4,126 employees. Figures quoted are as at 31 December 2019.

About Police Mutual Group:

For over 150 years, Police Mutual has been helping police officers, staff and their families with their finances. With no shareholders, Police Mutual is run commercially, yet not for profit, for the benefit of its members and the Police Service, delivering the things that are most important to them. In 2016 Police Mutual Group acquired Abacus and combined it with its Forces Financial business to create Forces Mutual. As at 31 December 2019 Police Mutual Group had GBP740 million assets under management, 218,000 members, 284,000 policies in force and 433 employees.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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June 04, 2020 08:46 ET (12:46 GMT)