Market Statement
Group Risk Business:
Following our acquisition by RGA on 1 February 2019, Omnilife has closed to new UK Group Risk business. Following a competitive market review, an agreement has been reached with Legal & General Group Protection, who will work together with intermediaries to invite Omnilife policyholders to switch to L&G at or before their next policy anniversary. Favourable terms have been secured, including rate extensions and other enhanced terms, such as increased event limits where appropriate.
Omnilife and L&G are now working together to develop and deliver a process which minimises policyholder and intermediary effort. Where there is additional work for Intermediaries, for example transferring schemes to L&G outside the rate retest cycle, additional commission payments will be available.