LONDON: The Royal London Mutual Insurance Society Limited and Police Mutual Assurance Society Limited entered into an agreement for the business, assets and liabilities of Police Mutual to transfer into Royal London.

Commenting on the merger, 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.”

The Police Mutual Group is the name used for the group of businesses which includes Police Mutual Assurance Society, an incorporated Friendly Society, and PMGI Ltd, an insurance intermediary.  It also incorporates Mortgage Excellence and PM Advisory Ltd.