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Royal London to turn Irish business into subsidiary due to Brexit-CEO

Reuters - UK Focus

LONDON, March 30 (Reuters) - Royal London Mutual Insurance Society will turn its Irish business into a regulated subsidiary as a result of Britain's decision to leave the European Union, chief executive Phil Loney said on Thursday.

Financial services firms need a regulated subsidiary in a European Union country to offer their products across the bloc if Britain no longer has access to the single market.

Lloyd's of London said on Thursday it had picked Brussels for its subsidiary.

"We have a business in the Republic of Ireland (Other OTC: IRLD - news) . We will be domiciling a subsidiary in Ireland so we can continue to operate," Loney told Reuters by phone.

Also on Thursday, Royal London reported 2016 operating profit of 282 million pounds, up 16 percent. (Reporting by Carolyn Cohn, editing by Maiya Keidan)