We've acquired Aegon's UK individual protection policies

What's happened

In April 2023, we (The Royal London Mutual Insurance Society Limited) entered into an agreement with Scottish Equitable plc (which uses the brand name Aegon) to purchase its UK individual protection policies.

The purchase was made by way of a Part VII transfer, which is the legal process used to transfer insurance business from one insurance company to another. The terms of the transfer are set out in a legal document called the “Scheme”, which can be found in the ‘Important documents’ section. A summary of the Scheme has also been provided.

The transfer of the business was subject to:

• review by an Independent Expert specifically appointed to assess the impact on policyholders
• consultation with our regulators – the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have reviewed the Scheme
• approval of the High Court of England and Wales (the “Court”) – a judge ruled on the Scheme on 14 June 2024.

The Independent Expert, Stephen Makin of Hymans Robertson LLP, was appointed and approved by the PRA, in consultation with the FCA, to report on the effects of the transfer on policyholders, including the financial security of the legal entities involved. You can find the Independent Expert’s full report, along with a summary of the report, in the ‘Important documents’ section.

Royal London’s Chief Actuary and With-Profits Actuary have both written their own reports on the effects of the transfer. You can also find both of these reports in the ‘Important documents’ section.