Article date: 8 August 2005
Norwich Union has increased its investment inLifetime Group from 71.3% to 97.4% through acquiring the totalremaining shareholding previously held by The Millfield Group.Norwich Union’s further investment of £9 million brings itstotal investment to £32 million. The remaining 2.6% of the sharesare owned by some of the staff and founders of Lifetime.
Lifetime Group was formed in 2002 and launchedinto the wrap market in April 2005 with a major distributionarrangement with Millfield and has since added a furtherdistribution agreement with Tenet Group and a considerable numberof other distributors.
Commenting on the further investment, NorwichUnion distribution director, David Barral, commented: "Thisadditional investment further reinforces our commitment toestablishing Lifetime as a leader in the developing wrap marketplace. Lifetime has already secured a number of importantdistribution deals and we believe this announcement will bewelcomed by other potential distributors."
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Notes to editors:
Norwich Union is the UK's largest insurer. It isthe UK's largest provider of life, pensions and investment productsand one of the leading Financial Adviser (FA) providers. IFAsprovide around 75% of the company's long-term savings business inthe UK. Norwich Union has strategic alliances with buildingsocieties and other leading UK brand names including Tesco PersonalFinance and The Royal Bank of Scotland Group.