“`htmlOneFamily and Scottish Friendly have announced proposals to merge, a move that would create one of the UK’s largest mutual life assurers, serving more than 2.3 million members.
The two organisations said the enlarged mutual would hold almost £10 billion of assets under management and is intended to provide greater scale and resilience in a competitive market for long-term savings and protection.
The merger remains subject to regulatory and member approval and is expected to complete in early 2027.
Both boards described the deal as a strategic step aimed at supporting long-term growth while retaining a mutual structure. The combined group would continue to operate from existing bases in Brighton and Glasgow, with a commitment to ongoing investment in both locations.
MUTUAL HERITAGE AND SCALE
The proposed merger brings together two established mutual life assurers with a shared emphasis on member ownership and long-term financial planning.
According to the firms, increased scale will allow for greater investment in technology, data and customer service, while maintaining a focus on member value.
John McGuigan, chair of Scottish Friendly, said: “This is a powerful opportunity to build long-term value for our members. Joining together with OneFamily will create a strong and future-focused mutual life assurer that will be one of the largest in the UK.
“It’s an important new chapter that builds on our successful heritage and sets a pathway for sustainable growth. Our shared values, our members and our colleagues will be at the heart of our thinking as we shape our future plans together.”
Steve Colsell, chair of OneFamily, said the merger would accelerate the development of its mutual proposition.
He said: “OneFamily has taken some bold steps to progress in recent years, investing in technology and modernisation, and extending the range of products we can offer customers. Joining together with Scottish Friendly is the next step forwards on that journey.”
PRODUCTS AND BRANDS
Both firms offer protection, long-term savings and ISA investment products. Under the proposals, the combined organisation would operate under the group name OneFamily, while retaining the Scottish Friendly and Beagle Street brands within a multi-brand structure.
The firms said this approach would allow them to maintain existing customer relationships while broadening the overall product proposition available to members.
Jim Islam, chief executive of OneFamily, said: “Together we will offer a comprehensive investment and protection platform that will support today’s families as they build their financial futures.
“This is an important moment to build a stronger and more sustainable mutual. There is a great deal of commitment from the UK and Scottish governments in encouraging the growth of the mutual sector, and we see many consumers choosing purpose-led organisations that focus on creating value for members.”
Stephen McGee, chief executive of Scottish Friendly, added: “By combining and leveraging our respective strengths, we can build on what we have already achieved and accelerate the delivery of our vision.
“Together, we have a significant opportunity to create even greater value for our members, both today and in the future.”
GOVERNANCE AND NEXT STEPS
Under the proposed leadership structure, McGuigan would chair the combined organisation, while Islam would become chief executive once the merger takes effect, subject to regulatory approval.
The boards said a detailed integration plan will be developed over the coming months. There will be no immediate impact on colleagues, and further information will be shared as the approval process progresses.
