Proposed merger of Scottish Friendly and OneFamily

The merger is a positive choice to create a bigger, more impactful mutual.

Scottish Friendly and OneFamily are well positioned on an individual basis and joining together unlocks the opportunity to create more long-term value for members.

OneFamily is a mutual insurer based in Brighton with around 1.5 million members across the UK and £5.7 billion in assets under management. It offers a range of investment and protection products. In 2022, it acquired Beagle Street, which offers a range of protection products such as life assurance and critical illness cover direct to customers and via financial advisers.

OneFamily has the same values and commitment to mutuality as Scottish Friendly – we both put members at the heart of our thinking, not shareholders, and we both play an active role in our communities. That commitment will continue as we join forces.

As we’re both member-owned, the merger needs to be agreed by OneFamily’s members and by the delegate members who represent the members of Scottish Friendly (and then receive regulatory approval).

This means we'll be holding a Special General Meeting (SGM) for our delegate members to vote on the merger.

Our governance means that the proposals will be agreed by the delegate members. These are the representatives of the membership who have responsibility for agreeing the key developments impacting the organisation and its members.

We believe this proposal is in the interests of Scottish Friendly members.

We believe the merger is right for our members and will provide:

• A wider range of affordable products: access to more great value investment and protection products for our members.

• More benefits for our members: the merger will help us introduce even more benefits to help our members save more in the future.

• A better customer care experience through improved digital infrastructure and technology.

• More opportunity to invest in charities and communities that you care about.

The proposal will be subject to all necessary approvals, including regulatory approval, OneFamily's members and a delegate member vote. If Scottish Friendly's delegate members and OneFamily's members vote in favour, we expect to join together with OneFamily in early 2027. Subject to the approval of the merger, your policy is expected to transfer to OneFamily on the transfer date. This means Scottish Friendly membership will end and our policyholders will become members of OneFamily.

Yes. With commitment to a base in both Glasgow and Brighton, the combined organisation will bring together the strengths of both organisations and build on their mutual values and heritage. Our call centre will remain in the UK, with friendly staff on hand to support you.

We'll ask the Courts in Jersey and the Bailiwick of Guernsey to approve the transfer of Scottish Friendly business to OneFamily. If you would like more information about the Jersey and / or the Bailiwick of Guernsey processes, including details of when the Court hearings will take place and what to do if you have any questions or objections on our proposals, please email [email protected].