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GE scraps National Mutual in move into over-50s market

The National Mutual brand is to disappear following its takeover by GE Capital, with a new GE Life business being created for the advice-led over-50s market.

The new enlarged GE Life will be launched at the beginning of April and it will be offering NatMut&#39s income-drawdown and self-invested personal pensions&#39 expertise alongside its annuities, guaranteed bonds and equity-release products.

It aims to become a major player in the IFA channel and is also planning to introduce a new long-term care product by the end of the year.

Holding company GE Insurance Holdings chief operating officer Scott Dolfi will become chief executive of the new firm, with David Evans staying as managing director, responsible for marketing and distribution.

Current NatMut managing director Gavin Hill is taking up a position in GE Insurance Holdings as chief investment officer responsible for assets of £14bn and exploring new acquisition opportunities.

GE bought the specialist IFA-only drawdown and Sipp provider for £500m in July last year. After conducting research with IFAs, GE found the financial strength of its brand outweighed NatMut.

GE Insurance Holdings chief executive and GE Life chairman Clive Cowdery says: “We had been developing plans to organically grow in these product areas, so National Mutual provided a really neat fit for us. Now GE Life is a much broader-based, advice-led company.”


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