Following some months of speculation it has been announced that IFGL, which owns RL360°, will acquire FPIL (Friends Provident International Limited) from the Aviva Group, subject to regulatory approval.
Aviva is to sell FPIL for £340m ($444m) following a review in which it was agreed that the business was not central to the group’s long-term strategy. These kinds of business sales are not unusual and with regulatory changes expected in the UAE from early 2019 this acquisition will put the company in a good position.
FPIL, which employs around 500 staff worldwide and services in the region of 180,000 policies, has its head office in the Isle of Man, where IFGL is also headquartered. FPIL has more than 35 years of international experience providing savings, investment and protection products to customers across the globe, with a particular expertise in Asia and the Middle East. FPIL has £7.6bn in assets under management and its acquisition by IFGL will take the Group’s combined assets to £15.9bn and policies to 250,000.
As far as business in the UAE is concerned there is likely to be little difference going forward as RL360 has had limited offering in this market for a few years and it is expected that Friends Provident International will re-brand in due course. The combined value and influence of the enlarged company should benefit investors and policyholders. There is no cause for concern and for now it is business as usual.
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