Acquisition of Friends Provident International Limited (FPIL) by International Financial Group Limited (IFGL)
16 July 2020
Since 2015 Friends Provident International Limited (FPIL) has been part of the Aviva Group of companies. In July 2017 Aviva entered into an agreement to sell the FPIL to the IFGL, subject to regulatory approval.
We are pleased to announce that the relevant regulatory approvals have now been granted, and accordingly IFGL’s acquisition of the FPIL business completed on 16/07/2020.
IFGL Chief Executive Officer David Kneeshaw said: “I am delighted that the acquisition has completed and I’d like to welcome FPIL’s customers, financial advisers and staff to IFGL. We can now focus on our exciting plans for FPI and IFGL. I believe strongly the deal will benefit FPI’s policyholders, financial advisers and staff.”
We are contacting all customers and their financial advisers to let them know about this important news.
What this means for our customers:
- Customers do not need to take any action.
- There are no changes to the benefits, features or terms and conditions of your policy as a result of the acquisition. Your policy number and all other details will remain the same.
- You can continue to contact us on the same telephone number and address as previously.
- Both FPIL and IFGL are headquartered in the Isle of Man, where your policy is administered. You will continue to be protected by the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991 which provide a comprehensive level of protection.
- FPIL will continue to be regulated by the Isle of Man Financial Services Authority as well as the regulators in Hong Kong, Singapore and the United Arab Emirates.
- If you have a financial adviser, we have written to them to explain the situation.
What this means for intermediaries:
- You do not need to take any action. Your terms of business with FPIL remain unchanged.
- You can continue to contact your usual FPIL contacts on the same telephone number and addresses as previously.
- As described above, there are no changes to the benefits, features or terms and conditions of your customers’ policies or the protection schemes and regulatory position as a result of the acquisition.
Some information on IFGL
IFGL provides investment, savings and protection solutions to international investors around the world and the group comprises RL360, RL360 Services, Ardan International and now also Friends Provident International. The group employs over 700 staff and administers assets of £17 billion for over 230,000 customers (all figures as at 31 December 2019). You can find out more about IFGL at https://www.ifg-ltd.com/our-companies/.
Who to contact if customers have a question
There is no need for you to do anything as a result of the change in FPIL’s ownership. If you would like information or advice on your policy, you should speak with your financial adviser in the first instance.
If you have any questions about the acquisition of FPIL you can contact our customer service and support teams at your local office as detailed below.