The Royal London Mutual has announced that The Police Mutual Group 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.
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.”