The Royal London Mutual Insurance Society has completed the transfer of Scottish Provident International Life Assurance to become part of the Royal London Group.
Scottish Provident International Life Assurance (SPILA) confirms that there are no changes to the benefits, features or terms and conditions of the policies.
Royal London continues to work closely with Pearl to achieve the smooth transfer of the Scottish Provident protection business, Phoenix Life Assurance and the other businesses and assets Royal London is acquiring.
Mike Yardley, group CEO of Royal London, said: Completion of the transfer provides a step change in Royal London’s presence in the offshore market. In SPILA and Scottish Life International, we now have established international operations in key markets, servicing over 40,000 customers with GBP1.8 billion funds under administration through existing distribution partners.
Royal London’s growth in the offshore sector will accelerate and we will substantially increase the scale of our operations. This will provide a sound platform on which we can continue to deliver profitable growth.