ICMIF member Royal London, announced yesterday that the Part VII transfer of the Aegon UK individual protection book had been formally approved by the courts in the UK.

As a result of the acquisition, the life insurance, critical illness and income protection policies for nearly 400,000 customers have now transferred to Royal London.

Carrie Johnson, Protection Director at Royal London, said: “The acquisition helps bolster our overall position in the protection market, allowing us to strengthen our support for advisers and customers at a time when protection solutions are becoming an increasingly key consideration in advice conversations. Royal London now supports over 1.4 million advised customers in the UK by protecting them and their families against life shocks that could otherwise cause financial challenges.

“We look forward to welcoming our new protection customers and their advisers. Our reputation for outstanding customer service means they can be reassured they are in safe hands,” Johnson concluded.

The agreement with Aegon UK to acquire its individual protection line of business, subject to court approval, was first announced by Royal London in April 2023.

Speaking at the time of the announcement in 2023, Barry O’Dwyer, Group Chief Executive, said: “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,” O’Dwyer concluded.