Scottish Provident
 |
|
| Mutual Society | |
| Industry | Financial services |
| Founded | 1861 |
| Headquarters | London, United Kingdom |
|
Key people
|
Rupert Pennant-Rea, Chairman Phil Loney, Chief Executive |
| Products | Life assurance, investment management, pensions |
| Website | http://www.royallondon.com |
The Royal London Mutual Insurance Society Limited, along with its subsidiaries, is the largest mutual insurer in the United Kingdom, with Group funds under management of £100 billion. Group businesses provide around 9.0 million policies and employ 3,253 people, as of 31 December 2016.
Royal London is the largest mutual life, pensions and investment company in the UK, while also providing protection products in Ireland.
Royal London is registered in England with its head office in the City of London. It has other large offices in Wilmslow and Edinburgh, with smaller offices in Bath, Glasgow and Dublin.
Founded in 1861 by Joseph Degge and Joseph Ridge in a London coffee shop, Royal London was initially set up as a friendly society dedicated to serving the interest of its members and securing their financial security. Royal London became a mutual life assurance society in 1908.
Other elements of the modern business are older than the primary brand: for example Royal Liver Assurance was founded in 1850, while the Irish business, until recently branded as Caledonian Life dates back to 1824, and represents the Caledonian Insurance Company founded in Edinburgh in 1805.
Royal London Asset Management (RLAM) a wholly owned subsidiary of the group was founded in 1988. RLAM employs 76 investment professionals, based in the company's London office.
In 2013, Royal London signed a four-year deal to sponsor one day cricket in England & Wales, including domestic and international fixtures.
On 31 December 2000 Royal London took over United Assurance Group plc. The transaction was the largest acquisition of a quoted UK company by a mutual. United Assurance Group itself had been formed by the merger of United Friendly and Refuge Assurance in October 1996.
On 2 October 2000 it was announced that Royal London would acquire Scottish Life, the Edinburgh-based pension specialist. Transfer took place on 1 July 2001.
In March 2003 Royal London launched a new start up protection business, Bright Grey based in Edinburgh.
In May 2008 Royal London concluded a transaction to acquire the open businesses of Resolution. These were the protection businesses Scottish Provident and Scottish Mutual; Phoenix Life Assurance Limited (formerly Abbey National Life) and Scottish Provident International.
At the beginning of 2009 the offshore businesses Scottish Provident International and Scottish Life International were combined to form a new entity, Royal London 360° based in the Isle of Man. This business was subject to a management buyout in November 2013. Royal London 360° rebranded to RL360° soon after the MBO.
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Wikipedia