RELIANCE MUTUAL'S RECENT ACQUISITIONS OF BUSINESS

In 2003 Reliance Mutual acquired Criterion Life Assurance Limited which transacts a wide range of life and pensions business.  Part of the business of Criterion together with all the business of British Life Office Limited (which has been a subsidiary of Reliance Mutual since 1958) was tranferred into Reliance Mutual by a Scheme of Transfer in June 2004.  Criterion Life Assurance Limited was sold in January 2005 with that part of its business not transferred to Reliance Mutual.

In October 2004 Reliance Mutual accepted the transfer of part of the business of Family Assurance Friendly Society.  This business was largely that originally written by Time Assurance and Templeton Life Assurance Limited.

In July 2005 Reliance Mutual acquired all the business of Eurolife Assurance Company Limited.

In September 2006 Reliance Mutual acquired all the shares in SEB Trygg (UK) Life Assurance Company Ltd from its owners, a major Swedish bank. We changed the name of this company to RM Life Assurance Limited. We transferred its business into Reliance Mutual on 31st July 2007. RM Life Assurance Limited has ceased to exist.

On 1 June 2007, Reliance Mutual acquired all the shares in University Life Assurance Society, from its previous owners, Equitable Life Assurance Society. University Life had been a subsidiary of the Equitable since 1919, and concentrated on writing business for the teaching and administrative staff of universities and similar academic institution. We also transferred this business into Reliance Mutual on 31st July 2007. University Life has ceased to exist.

On 1 August 2007 Reliance Mutual acquired all the business of Hearts of Oak Friendly Society, which on 25th June 2007 became Hearts of Oak Insurance Company Limited as part of the acquistion process. Hearts of Oak was one of the larger friendly societies in the UK with £320m of assets under management. Hearts of Oak has ceased to exist.

On 1 August 2008, Reliance Mutual acquired the remaining  part of the Time assurance business that could not be transferred from Family Assurance Friendly Society in 2004 due to the restrictions in tax legistation at the time.  The restrictive legistation was amended in the Finance Act 2007.