Royal London Responsible Life and Responsible Lending (3922U)

TIDM41BM TIDM60KE TIDM76DO TIDMFJ66

RNS Number : 3922U

Royal London

23 November 2023

23 November 2023

ACQUISITION OF RESPONSIBLE LIFE AND RESPONSIBLE LENDING

Royal London, the UK's largest life, pensions and investment mutual, today announces it has wholly acquired the later life lending and product specialists Responsible Life and Responsible Lending (the "Responsible Group"), subject to regulatory approval. The acquisition builds on Royal London's existing 40% stake in the businesses. Founded in 2010, Responsible Group is a market-leading later life mortgage broker and lender.

The acquisition will enable Royal London to support Responsible Group to continue delivering innovative later life solutions and scale the provision of later life lending in what it believes will be a growing market.

Commenting on the announcement, Barry O'Dwyer, Group Chief Executive Officer, said: "This transaction strengthens our support for advisers and customers as they look for solutions in funding later life needs. We believe this market has a lot of potential as it offers customers additional choices at retirement, especially those who have property wealth but insufficient pension savings to support their desired standard of living.

"Later life lending is complex by nature and requires specialist advice. Royal London is keen to play a role in ensuring high quality advice is an accessible option for those who would benefit from accessing the equity in their home."

-Ends-

For further information please contact:

Lora Coventry, Senior PR Strategy Manager, 07919 170673 / [e-mail]

About Royal London

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of GBP153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023. Learn more at royallondon.com .

About Responsible Group

Founded in 2010, Responsible Group is a leader in later life lending in the UK and includes Responsible Life, a market-leading later life mortgage broker, and Responsible Lending, a later life mortgage lender. Learn more at responsible.co.uk .

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

ACQNKBBDDBDBNDB

(END) Dow Jones Newswires

November 23, 2023 02:00 ET (07:00 GMT)