Scottish Friendly doubles assets under management

26 Nov 2019

Glasgow based Scottish Friendly, one of the UK's leading financial mutuals, recently announced the acquisition of life and pensions policies from financial services provider Canada Life. The deal sees assets under management increase by £2.4bn to over £5bn, while the number of members increases by 127,000 to around 700,000.

The mutual will ensure all transferring customer policies will receive the highest standards of care during the transition period and beyond. Products transferring across as part of the transaction include endowments, whole of life policies, investment bonds, pensions and protection policies, mostly written before 2003.

Scottish Friendly has a long, well-established history of acquiring large books of insurance business, most recently a section of business from Mobius Life in 2018.

Jim Galbraith, Chief Executive, Scottish Friendly, said: "This is a landmark acquisition for Scottish Friendly and helps to consolidate us as a leading mutual and a significant player in UK financial services. It forms part of our three-pronged strategy of organic growth, business process outsourcing for partners and mergers and consolidation, delivering the strongest possible growth and customer care for our members. We are delighted to have completed this process and welcome transferring Canada Life customers to Scottish Friendly".