OneFamily and Scottish Friendly have announced proposals to merge, bringing together the two mutual life assurance providers to create one of the UK’s largest mutuals.
The combined mutual will have almost £10bn AuM and serve over 2.3 million members across the UK.
The merger is expected to be effective from early 2027. The proposal will be subject to all necessary approvals, including regulatory approval.
CEO of OneFamily, Jim Islam, commented: “Bringing together these two successful mutuals is an exciting prospect. I am inspired by the potential to pool our strengths and capabilities. Together we will offer a comprehensive investment and protection platform that will support today’s families as they build their financial futures.
“This is an important moment to build a stronger and more sustainable mutual. There is a great deal of commitment from the UK and Scottish Governments in encouraging the growth of the mutual sector, and we see many consumers choosing purpose-led organisations that focus on creating value for members. That’s what sets mutuals apart. Our proposal will mean we will be better placed to maximise this opportunity.”
