Royal London to acquire CFS life business
Co-operative Financial Services (CFS) is in exclusive talks with Royal London regarding the possible sale of its life insurance subsidiary, including £15 billion of assets in its Long Term Business Fund.
The announcement follows a strategic review of the mutual’s life and savings business, which will also result in the extension of its partnership with AXA for the provision of in-branch financial advice, across 90 Co-operative Bank branches and 248 branches of Britannia.
CFS will therefore be cutting 670 jobs, and transferring a further 82 to AXA.
The group’s chief executive, Neville Richardson, comments: “We understand that such news may be difficult for impacted colleagues and we have not reached this outcome lightly.”
He adds: “However, we were faced with rising regulatory costs in a business which was increasingly becoming sub-scale.”
CFS’s general insurance business was outside the scope of the strategic review and remains an integral part of its offering.
Category: Axa Insurance News, Companies News, Life Insurance News
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