Purchase of Co-op life insurer unit approved by Royal London members

At an extradionary general meeting, 95 per cent of Royal London's members have voted to approve the £220m purchase of the Co-operative Bank's life insurance and asset managements arms.

The deal is expected to be completed in late summer 2013, subject to regulatory approval. Royal London is the UK's largest customer-owned life insurance firm.

When the deal was announced in March, Phil Loney, Royal London chief executive, said:

The increased scale of our asset management operations and introduction of over two million new customers will enable us to develop further efficiencies to support our profitability in the coming years and contribute towards future bonuses and further mutual dividends for our members.

Barry Tootell, chief executive of The Co-operative Banking Group, insisted existing policyholders would feel at home within another mutual business that has “the necessary scale and focus on the long-term savings sector” .

“As member-owned organisations, we have much in common with Royal London,” he added.