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RNS Number : 6715A

Royal London

01 October 2020

THURSDAY 1 OCTOBER 2020

POLICE MUTUAL BECOMES PART OF ROYAL LONDON

The Royal London Mutual Insurance Society Limited (Royal London) has received all required approvals for The Police Mutual Group (Police Mutual) to become part of Royal London today.

These approvals followed unanimous support in favour of Police Mutual becoming part of Royal London received by Police Mutual's member representatives on 4 June.

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

"We're delighted that Police Mutual is now part of Royal London. 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 and look forward to working with Police Mutual colleagues."

John Perks, Police Mutual CEO, said:

"Today marks the start of an exciting new chapter in Police Mutual's long, proud and evolving history. Becoming part of Royal London will provide a more sustainable future for Police Mutual, and also our Forces Mutual brand, as part of a larger, stronger business. Just as importantly, the transfer preserves what our customers and the Police service value most about Police Mutual.

"Our mutuality is an important part of who we are - we are delighted that this continues as part of Royal London."

Kevin Parry OBE, Chairman of Royal London, said:

"I am pleased that Royal London has developed offerings that will meet the needs of police officers. Society places great demands on the police and we are all reliant on the services that they provide to the nation. We look forward to being able to play our part in the welfare of the families of current and former officers and staff."

- ENDS -

Note to editors

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

For further information please contact:

 
 Meera Khanna                     02032 725129 
  Corporate PR Manager             07919 170 502 
  Meera.khanna@royallondon.com

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of GBP139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.

@RoyalLondon

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.

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END

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