Royal London, the UK’s largest mutual life, pensions and investment company, with offices in Edinburgh, will see the completion of the transfer of life insurance, critical illness, and income protection policies of around 400,000 customers in 2025.
The agreement, after the acquisition of Aegon UK’s individual protection business in July, will aligned Aegon’s predominantly high-net worth client base with Royal London’s dedication to supporting advisers and delivering customer service.
The transaction reinforced Royal London’s strategy to attract a substantial inflow of new customers and clients. Additionally, it enhances the mutual’s overall standing in the UK protection market, increasing the number of advised customers it supports to more than 1.4 million.
Barry O’Dwyer, group chief executive, says: “The advised nature of Aegon’s individual protection customer base makes it a perfect strategic fit. We are strong champions of the adviser community and of impartial advice. This was a great opportunity for us to acquire a book of business that is very high quality and gives us meaningful additional scale.”