Aviva has concluded that the business
is not central to the group’s strategy to focus on a small number of markets where it has scale and profitability or a distinct competitive advantage
It is important to note that FPIL will continue to serve customers, partners and intermediaries as usual. There is no change to customers’ policies. RL360 has been touted as a good match for IFGL and should bring an”unsettling” period for the company to an end .
Once the transaction is complete it will help to establish RL360’s position as the pre-eminent insitution in the offshore savings market. The acquisition is an important milestone for RL360 and will create a combined Embedded Value of over £1bn.
The transaction is subject to customary regulatory approvals and is expected to complete in early 2018.
Who is RL360?
RL360 Holding Company Limited is a subsidiary of International Financial Group Limited who have more than £8bn in assets under management and employ more than 300 staff.
If you wish to read the full press release you can do so here.
