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.
Perks of being with a mutual
Having your voice heard
By voting in our AGM, you can have a say in how our business is run.
Sharing our profits
Using mutuality for good
We're a purpose-driven mutual. Our Purpose sets out the positive outcomes we want to achieve.