31 December 2014
Royal London announces the completion of the transfer, under Part VII of the Financial Services and Markets Act 2000, of the life business of Royal London (CIS) Limited into The Royal London Mutual Insurance Society Limited. This is the last step in the integration into Royal London of the former Co-operative Life & Savings businesses.
The process started in July 2013, when Royal London acquired what is currently known as Royal London (CIS) Limited, formerly the Co-operative Insurance Society, and the Co-operative Asset Management Company Limited (TCAM). This acquisition allowed for the payment by Royal London of deferred consideration of up to £180 million if certain conditions were met. The transfer of the life business on 30 December 2014 has enabled Royal London to pay the outstanding deferred consideration of £180m to the Co-operative Banking Group on 31 December 2014, and follows approval of the transfer by the High Court on 9 December 2014, the Jersey Court on 15 December and Guernsey Court on 19 December.
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