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Royal & Sun Alliance closes UK life business

Royal & Sun Alliance is closing its UK life company to new business. It will now concentrate on servicing existing life and pensions customers and the move will release capital to invest in its core general insurance business.

It says funds will remain open to allow existing customers to continue to make contractual contributions to policies or schemes and its direct financial services arm, More Than, will distribute savings and investments products from third parties.

R&SA says this is the outcome of the review of its life business and comes as its share price drops over 25 per cent following the announcement of its half year results yesterday.

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