Scottish Life members have voted overwhelmingly in favour of Royal London's takeover of the Edinburgh-based mutual.
At an Extraordinary General Meeting (EGM) held in Edinburgh today, 98.3% of the votes cast were in favour of Scottish Life's demutualisation and the transfer of business to Royal London Mutual Insurance Society. 97,383 Scottish Life members voted, of which 95,761 were in favour of the takeover, exceeding the 75% required to pass the takeover deal.
Subject to approval by the Court of Session in Edinburgh, the transfer of the business is expected to take place on the first of July. Around 425,000 Scottish Life policyholders will receive either cash payments or extra bonuses, and in some cases both.
After the transfer of the business is completed Scottish Life will become the independent financial adviser (IFA) division of Royal London. The combined group will have an income of approximately £1.9bn and nearly £30bn in funds under management.
Speaking about the result, Brian Duffin, group chief executive of Scottish Life said: Today's result is exactly what we were hoping for and, as you would expect, we are very pleased. The transaction makes sense, and it provides our members and policyholders with excellent value in cash and additional policy benefits, as well as enhanced security going forward.
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