Royal London Expanding
As news came out that the Co-op had decided to pull out of the UK life assurance market and use Axa to produce their life insurance products, they also stated what would happen to their life insurance fund.
Royal London are apparently in deep talks to sell the Co-operative’s comprehensive life insurance fund as well as their own branded Co-operative Asset Management arm. The price has been estimated to be in excess of fifteen billion US dollars.
The Co-op is using the cash it frees up to expand it’s Banking division, despite the disgust of the vocal Unite Union.
The Co-operative has reached out to explain their sudden dicision:
Neville Richardson, chief executive of CFS, said: "We understand that such news may be difficult for impacted colleagues and we have not reached this outcome lightly. However, we were faced with rising regulatory costs in a business which was increasingly becoming sub-scale. This move supports our strategy to focus our specific attention on our banking and general insurance areas, where we have a growing and strongly differentiated competitive position."
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