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RNS Number : 3325V

Royal London

10 December 2021

10 December 2021

ROYAL LONDON CONFIRMS OFFER OF TALKS TO GIVE LV= MEMBERS A MUTUAL FUTURE

In light of the outcome of LV='s Special General Meeting, Royal London can confirm that it has offered to enter into immediate and exclusive discussions with LV= to agree a mutual merger that will offer LV= customers the opportunity to have their life savings protected and invested by a mutual.

We envisage that the terms of the merger would offer LV= members the option to become members of Royal London. This proposal has been made on a different basis to the previous offer made in 2020.

If the merger goes ahead, the bringing together of the best of both companies will result in a growing, well-capitalised, modern mutual. It will provide UK consumers with a great customer-owned alternative to the rest of the insurance and long-term savings market, which is almost universally shareholder-owned.

We are confident that there will be exciting opportunities for colleagues within both Royal London and LV= as part of a larger, well-capitalised and growing mutual.

We hope to agree a proposal that Royal London can recommend to our members. If we proceed, we will consult widely and provide clear information to members of both organisations about what this merger might mean for them.

In the meantime, it is important to note that these discussions have no impact on our day-to-day business. Customers don't need to take any action at this stage and they will continue to receive the same high standard of customer service that they expect.

There is no certainty that these discussions will result in a transaction and a further announcement will be made as and when appropriate.

-ENDS-

For further information please contact:

   Meera Khanna                                      meera.khanna@royallondon.com 
   Senior PR Manager                             07919 170502 
   Neil Cameron                                       neil.cameron@royallondon.com 
   PR Manager                                         07919 171969

About Royal London

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of GBP153 billion, 8.8 million policies in force and 4,075 employees. Figures quoted are as at 30 June 2021.

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END

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