UK - Mutual life insurance societies Royal London and Royal Liver have called off talks designed to look at the possibility of the merging the two companies.

In an official statement just released, the firms said upon scrutinising the deal "the Board of Royal Liver has concluded that although the proposal from Royal London had considerable merits for their members, they felt that those interests will be better served by pursuing an independent strategy".

Royal London announced on April 30 it had approached Royal Liver about "a combination of [their] businesses", which compete in the UK life and pensions arena.

Royal London is also the owner of Royal London Asset Management while Royal Liver has additional operations in Ireland with Caledonian Life (see earlier IPE story for more information: UK mutual insurers talk merger).

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