Police Mutual to become part of Royal London

Published  04 June 2020
   2 min read

The Royal London Mutual Insurance Society Limited (Royal London) today announces The Police Mutual Group (Police Mutual) will become part of its company, subject to regulatory approval.

A vote was put to Police Mutual’s member representatives – Force Authorised Officers (FAOs) – asking them to approve the transaction. The FAOs represent Police Mutual members in all police forces across the country.  

The vote, which closed today, was unanimously in favour of the proposal.  Police Mutual will now formally apply to the Prudential Regulation Authority (PRA) to transfer to Royal London.

Commenting on the news, Royal London Chief Executive, Barry O’Dwyer, said:

“Royal London and Police Mutual have complementary values and culture. Both are mutual and are committed to delivering the best value for their customers and members.  Police Mutual plays a vital role in providing financial services and products to police officers and the armed forces. We are pleased to be able to provide the company with a secure future.”

John Perks, Police Mutual CEO, said:

“Becoming part of Royal London will provide a more sustainable future for Police Mutual; we need a stronger financial position to continue to operate our business – Royal London provides that financial strength.

“It will also make Police Mutual part of a larger business that has a broader business mix, and which offers a wider range of products.”

Sir Jon Murphy, Chair of Committee of Management of Police Mutual, said:

“Having worked closely with my colleagues on the Police Mutual Committee of Management (CoM) on this proposal for Police Mutual to become part of Royal London, I am very pleased that our Force Authorised Officers have supported the CoM and Managing Board’s recommendation to ensure the continued provision of financial services that are tailored to the particular needs of our affinities. Not only will Police Mutual be part of a stronger business that has a broader business mix and offers a wider range of products, Royal London’s ethos and values are remarkably similar to our own – they are absolutely the right fit.”

Kevin Parry OBE, Chairman of Royal London, said:

“I am delighted that Royal London has developed offerings that will meet the needs of police officers.  Society places great demands on the police and we are all reliant on the services that they provide to the nation.  We are delighted to be able to play our part in the welfare of the families of current and former officers and staff.”

- ENDS -

Notes to editors

  1. The Police Mutual Group is the name used for the group of businesses which includes Police Mutual Assurance Society, an incorporated Friendly Society, and PMGI Ltd, an insurance intermediary.   It also incorporates Mortgage Excellence and PM Advisory Ltd.
  2. Police Mutual Group companies trade as Police Mutual and Forces Mutual.
  3. FAOs represent Police Mutual members in all the police forces across the country.
  4. A minimum of 75% of the FAOs who voted, had to vote in favour. In addition, a minimum of 75% of the votes, weighted by the number of members in their force, had to be in favour of the proposal to allow it to go ahead.  100% of votes in favour were received.

For further information please contact:

Mona Patel, Group Head of External Communications

Neil Millard, Manager Director, Rhizome Media Group              

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For further information please contact:

Royal London Press Office

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £139 billion, 8.6 million policies in force and 4,348 employees. Figures quoted are as at 30 June 2020.