"Royal London now supports over 1.4mn advised customers in the UK by protecting them and their families against life shocks that could otherwise cause financial challenges."
- Carrie Johnson, Protection Director at Royal London
At the time, Royal London & Aegon stressed that there would be no immediate change for customers or their advisers and that accounts would be processed as usual. “Combined with over 900k existing customers who already trust Royal London to protect their families against life shocks, this transaction strengthens our position in the UK protection market,” said Barry O’Dwyer, Group CEO of Royal London.
READ MORE: Royal London to acquire Aegon’s individual protection book
Today, Royal London announced that the Part VII transfer of the Aegon UK individual protection book has been formally approved by the courts. “The acquisition helps bolster our overall position in the protection market, allowing us to strengthen our support for advisers and customers at a time when protection solutions are becoming an increasingly key consideration in advice conversations,” explained Carrie Johnson, Protection Director at Royal London.
She said: “We look forward to welcoming our new protection customers and their advisers. Our reputation for outstanding customer service means they can be reassured they’re in safe hands.”
Helen Morris, former Head of Underwriting & Claims for Protection at Aegon, wrote on LinkedIn: “After thirty-seven years I have signed on for my last full working day with Aegon. The announcement of the closure of Aegon Protection last year was a big shock to all. I agreed to stay and help with the smooth transition of the business to Royal London, and it’s been an interesting and busy twelve months.
“I have been involved with claims for around twenty-eight years. Things have changed (for the better) in that time and the customer is at the heart of everything we do on claims. I have loved my role and made friends with some fantastic people, and I thought I would be with Aegon until retirement. But that wasn’t meant to be,” she concluded.
