Norwich Union has increased its investment in Lifetime Group from 71.3% to 97.4% through acquiring the total remaining shareholding previously held by The Millfield Group.
Norwich Union has increased its investment in Lifetime Group from 71.3% to 97.4% through acquiring the total remaining shareholding previously held by The Millfield Group. Norwich Union’s further investment of Ł9 million brings its total investment to Ł32 million. The remaining 2.6% of the shares are owned by some of the staff and founders of Lifetime.
Lifetime Group was formed in 2002 and launched into the wrap market in April 2005 with a major distribution arrangement with Millfield and has since added a further distribution agreement with Tenet Group and a considerable number of other distributors.
Commenting on the further investment, Norwich Union distribution director, David Barral, commented: "This additional investment further reinforces our commitment to establishing Lifetime as a leader in the developing wrap market place. Lifetime has already secured a number of important distribution deals and we believe this announcement will be welcomed by other potential distributors."
-ends-
Press office contacts:
James Evans 01904 452791 Out of hours 07800 699525
Notes to editors:
Norwich Union is the UK's largest insurer. It is the UK's largest provider of life, pensions and investment products and one of the leading Financial Adviser (FA) providers. IFAs provide around 75% of the company's long-term savings business in the UK. Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.