Royal London has confirmed that it is to acquire Police Mutual, 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.
The vote, which closed this week, was unanimously in favour of the proposal. Police Mutual will now formally apply to the Prudential Regulation Authority to transfer to Royal London.
Police Mutual provides members of the police force with access to a range of products and services, including life assurance and private healthcare.
Royal London Chief Executive Barry O’Dwyer said that Royal London and Police Mutual have complementary values and culture.
He said: “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.”
Police Mutual CEO John Perks said that becoming part of Royal London will provide a “more sustainable future” for Police Mutual.
He said: “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.”
Financial terms around the deal were not disclosed at this stage.