Scottish Widows transfers business to London

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Scottish Widows has transferred its life insurance business away from Edinburgh to London.

The Sunday Times reports that billions of pounds in life insurance business at Scottish Widows has been moved to London, marking the end of its 200 years of Scottish registration.

The move was effective from the end of 2015. The business will be registered at 25 Gresham Street in London, Lloyds’ head office.

However, Widows will retain its Edinburgh headquarters.

A Scottish Widows spokesperson said: “The purpose was to simplify the structure of the insurance business, which will make us more efficient, ease regulatory reporting requirements and help the group make better use of our resources including capital. There will be no impact on colleagues or customers.

“Lloyds Banking Group has a very clear strategy which includes becoming a simpler and more efficient business which delivers sustainable growth. This is a standard legal and regulatory process that has been carried out previously in other parts of Lloyds Banking Group.

“The parent company, Scottish Widows Group Limited, continues to be registered in Scotland.”