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Mutuality explained

Mutual companies like Royal London are customer owned. But what does this really mean?

What is a mutual?

All financial companies in the UK fall into two main groups: public limited companies (PLCs) and mutuals.

A PLC is owned by external shareholders, but mutuals are customer owned. This means we can share our profits with eligible customers, not shareholders.

Mutuals make up an important share of the insurance market around the world. Royal London is among the top 30 mutuals globally, and is the largest mutual life, pensions and investment company in the UK.1

1 Based on total 2022 premium income. ICMIF Global 500, 2024

Where did mutuals come from?

Mutuals started out as Friendly Societies, voluntary groups that held social gatherings when meeting to make their payments. Over time, with the introduction of modern insurance and regulation, Friendly Societies grew into the mutuals we have today.

We were founded as a Friendly Society in 1861, by two men named Joseph Degge and Henry Ridge, before becoming a mutual in 1908.

More about our history

Perks of being with a mutual

We're committed to putting members and customers first. Through things like our Annual General Meeting (AGM), ProfitShare and open lines of communication, we're always on the lookout for ways we can provide a higher level of service.

Having your voice heard

By voting in our AGM, you can have a say in how our business is run.

Sharing our profits

When we do well, we aim to boost eligible customers' pension plans each year by adding ProfitShare.

 

 

Using mutuality for good

We are driven by our Purpose. Our Purpose sets out the positive outcomes we want to achieve.

Mutuality

Since we were founded in 1861, we have been proudly customer-owned.

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Supporting you

Pensions and retirement

Our helpful pensions and retirement articles will help you brush up on your financial knowledge about long-term savings.

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Financial wellbeing

Our financial wellbeing hub contains information and support to help you feel more confident about the decisions you make with your money.

Visit the hub  

Cost of living

Looking for support with the cost of living? Take a look at our range of guides and articles for tips to help you cope with rising costs.

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Supporting society

Investing responsibly

We're a purpose-driven modern mutual, committed to acting and investing responsibly.

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Social impact

Our social impact work is a key part of how we support a move to a sustainable world and help people build their financial resilience.

Learn about our work  

Our partnerships

We believe in the power of collaboration and our partnerships in sport are helping to break down barriers, create opportunities, and grow participation across society.

Discover our partnerships