Royal London, the UK’s largest life, pensions, and investment mutual, has reached an agreement with Aegon UK to acquire its individual protection line of business, subject to court approval.
The acquisition will result in the life insurance, critical illness, and income protection policies for over 400,000 customers being transferred to Royal London.
Barry O’Dwyer, group chief executive at Royal London, said: “We are delighted to be welcoming over 400,000 new protection customers and their advisers.
“Combined with over 900,000 existing customers who already trust Royal London to protect their families against life shocks, this transaction strengthens our position in the UK protection market.”
Customers’ policies are expected to transfer to Royal London in 2024, following the completion of a court-approved Part VII transfer.
In the interim period, Aegon UK will reinsure the portfolio to Royal London. All servicing and claims will continue to be processed in the usual way, and there is no immediate change for customers or their advisers.
