The largest mutual life insurance and pensions company in the UK has opened a new subsidiary ahead of Britain’s divorce with the European Union.
Using its existing business in Ireland as a springboard, Royal London brought the subsidiary to life as part of its commitment not only to customers and the market but also to brokers in the country. Setting up Royal London Insurance DAC also meant the creation of around 20 new jobs in Dublin – an addition to the current workforce which has been kept intact.
The Brexit subsidiary, the plan for which was first revealed in early 2017, will allow its parent firm to continue to compete for new life insurance business in Ireland as well as to administer existing Irish and German policies that were bought by customers based outside the UK.
“We are writing a new chapter in the success story of Royal London in Ireland,” commented Royal London deputy chief executive Tim Harris.
“In its chosen markets our Irish business has grown from less than 4% market share in 2012 to over 18% market share in the first nine months of 2018. This growth has been achieved by a highly customer-focussed team providing a market-leading product and service offering.”
Harris said the intention is to grow the business further and “see it thrive as an integral part of the Royal London family.”