Finance Monthly Insurance Awards

Finance Monthly. Un i t ed Ki ngdom 33 Firm Profile Founded in 1861, we’re the UK’s largest mutual life, pensions and investment company. Our excellent customer service and our mutuality means we can give customers that little bit more, and you can trust us to be there for you when it counts. Our story began in Victorian Britain, in a time when those who could not afford a proper burial would receive what was known as a pauper’s funeral – a basic affair organised by the local parish. As society placed a strong emphasis on respectability, such a burial was deemed the ultimate disgrace, and so even the poorest people would contribute a halfpenny a week to a local burial club to avoid a pauper’s funeral at all costs. Burial clubs would eventually become Friendly Societies, and in February 1861, two men named Joseph Degge and Henry Ridge met in a coffee house on City Road to discuss the formation of a new one. By the end of that meeting, the men had formed the Royal London Life Insurance and Benefit Society. As the business grew, the decision was made in 1908 to convert from a Friendly Society to a Mutual, and we’ve remained that way ever since. Today, Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £130 billion, 8.8 million policies in force and 4,046 employees Proud to be mutual We use our profits to invest in improving what we do for our customers and we share the rest with eligible customers through ProfitShare, boosting the value of their savings. Mutual companies such as Royal London are customer-owned. This means that our profits are shared with customers, not shareholders. We exist to serve our customers. This influences the decisions we make every day. Everything we do is for the best interest of our customers. Our Purpose Royal London is a purpose-driven mutual. Our Purpose, ‘Protecting today, investing in tomorrow. Together, we’re mutually responsible’ drives everything we do for our customers, members and society. At Royal London, we are committed to acting and investing responsibly. This means challenging and influencing companies on behalf of our customers. We engage with businesses to help make their operations more sustainable, more diverse, more socially engaged and more future-focused for both people and the planet. We want to use our strengths and work together to make a positive difference in the lives of our customers, their families and their communities. Our social impact work focuses on tackling financial vulnerability and building resilience – helping prevent life shocks becoming a crisis. By supporting those already affected by life shocks through our flagship partnership, accelerate innovation through our new Changemakers Programme, which enables social enterprises to create, build and invest in innovations, and lead the way, with our products, services, operations and investments. “We use our profits to invest in improving what we do for our customers and we share the rest with eligible customers through ProfitShare, boosting the value of their savings.”

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