Following regulatory approval, we are delighted to announce that we have today completed the transfer of the Police Mutual group of companies to The Royal London Mutual Insurance Society Limited (Royal London).
As you are aware, Forces Mutual is part of the Police Mutual group of companies which have transferred to Royal London.
The transfer was approved by the Prudential Regulation Authority on the basis that it is satisfied that it is in the interests of members, taking into account any concerns raised during the member and customer representation period.
Here is a short welcome video from Jerry Toher, Chief Executive of the Consumer Division at Royal London:
Why has Police Mutual and Forces Mutual transferred to Royal London?
Becoming part of Royal London provides a sustainable future for the Police Mutual group of companies as part of a larger, stronger business and preserves what our customers value most about Forces Mutual.
Our mutuality is an important part of who we are.
Like us, Royal London is a non-shareholder organisation, founded on strong ethics and values, where profits are reinvested to create financial and social returns for members, customers and the wider community.
The transfer to Royal London provides a strong financial base for our business, along with a broader business mix and wider range of products for our customers.
Royal London is committed to the Forces Mutual and Police Mutual brands.
Why is this positive news?
Today’s news will enable us to continue to serve, and improve the financial wellbeing of, our customers in the Military family for the long-term.
Partnering with the UK’s largest mutual life, pensions and investment company provides the opportunity to create better customer offerings and allows improvements to service and propositions, as well as providing wider support for the Military family.
What does this mean for products?
As a reminder, the terms of existing products do not change. There will be no change to the contractual benefits for any policyholders as a result of the transfer.
Naturally, over time and in the future, products and services will evolve and change to meet market needs.