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  7. Royal London acquires Aegon UK’s individual protection book
Steve Hartley
Head of External Communications

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Royal London acquires Aegon UK’s individual protection book

Published  04 April 2023
   2 min read

The Royal London Mutual Insurance Society Limited (Royal London), the UK's largest life, pensions, and investment mutual has today announced it has reached an agreement with Aegon UK to acquire its individual protection line of business, subject to court approval.

As a result of the acquisition, the life insurance, critical illness and income protection policies for over 400,000 customers will transfer to Royal London.

Barry O’Dwyer, Group Chief Executive, commented:

"We are delighted to be welcoming over 400,000 new protection customers and their advisers. Combined with over 900,000 existing customers who already trust Royal London to protect their families against life shocks, this transaction strengthens our position in the UK protection market. Our reputation for outstanding customer service means that customers and advisers will be reassured that they are in safe hands.

"The advised nature of Aegon’s individual protection customer base makes it a perfect strategic fit. We are strong champions of the adviser community and of impartial advice, and we look forward to supporting advisers through this transaction, making sure there is no disruption to their businesses or to their clients."

Customers’ policies are expected to transfer to Royal London in 2024, following the completion of a court-approved Part VII transfer. In the interim period, Aegon UK will reinsure the portfolio to Royal London.

There is no immediate change for customers or their advisers. All servicing and claims will continue to be processed in the usual way. Royal London and Aegon will provide updates to customers and financial advisers as the acquisition progresses.

For further information please contact:

Steve Hartley, Head of External Communications

About Royal London

Royal London is the UK's largest customer-owned life, pensions, and investment company, and one of the top 30 mutuals globally*. With over 160 years of heritage and no external shareholders, we're able to take a long-term view, focusing on supporting better outcomes for our customers.

Today, Royal London looks after 8.4 million life and pension policies, with £212 billion of assets under management and over 5,000 colleagues**. In 2026, we shared £199 million of our profits with approximately 2.4 million eligible customers.

We invest in partnerships that reflect our values, including being the only Founding Partner of the first British & Irish Lions Women's Team, supporting women's and girls' rugby across grassroots and elite levels to help develop the next generation of players and coaches. All driven by our commitment to doing what's right for our customers. 

Royal London works for you.

Discover more at royallondon.com.

*Based on total 2024 premium income. International Cooperative and Mutual Insurance Federation Global data, 2026.

**Figures quoted are as at 30 June 2026.