What is the post completion product range line-up from Dublin?
The Dublin-based proposition will be the International Portfolio Bond, previously offered through LGII and the Wealth Preservation Europe Account, previously offered through our existing Dublin business. We believe this is the best of both worlds, with each product experiencing tremendous growth in recent years.
From a distribution point of view, the acquired sales team from LGII has also been trained on the wide range of Isle of Man-based products and will promote the entire proposition from both jurisdictions. The same applies to our existing 40-strong sales team, which has been trained on the new Dublin proposition.
What are the timings for the post-completion steps?
The immediate focus is on integration. Operationally, we are in good shape as this needed to be in place the day after the deal completed.
The feedback from the market has been positive and we are confident advisers should not see much difference in how they interact with the company. The current integration focus is largely in relation to back-office, in areas like finance, investments and marketing, and regulatory projects such as Solvency II.
The transfer of the existing book of our Canada Life business in Dublin is expected to take place later this year, to facilitate the merger of the two companies by the end of the year.
