SPILA completes transfer to Royal London Group

Royal London, the UK's largest mutual life and pensions company, has announced the successful completion of the transfer of Scottish Provident International Life Assurance (SPILA) to become part of the Royal London Group.

Mike Yardley, Group Chief Executive of Royal London, said: "We are delighted to welcome Scottish Provident International to the Royal London Group. Completion of the transfer provides a step change in Royal London's presence in the offshore market. In SPILA and Scottish Life International, we now have established international operations in key markets, servicing over 40,000 customers with £1.8 billion funds under administration through existing distribution partners.

"The strategic rationale of this acquisition is clear. Royal London's growth in the offshore sector will accelerate and we will substantially increase the scale of our operations. This will provide a sound platform on which we can continue to deliver profitable growth.

"I would like to thank all the people, in Royal London Group and in SPILA and Pearl, who have worked extremely hard to secure a successful conclusion to the transfer. Our focus now is to enhance the Group's propositions for international markets and so expand our success."

SPILA is writing to financial advisers and customers to advise them of the change of ownership to Royal London and to confirm that there are no changes to the benefits, features or terms and conditions of their SPILA policies.