Deal includes Co-op Insurance Society and Co-op Asset Management

Business deal

The Co-operative has struck a deal to sell its life and asset management businesses to mutual life insurer Royal London for £219m.

The deal comes more than 18 months after the initial announcement in July 2011.

Under the deal, Royal London will buy Co-operative Insurance Society and its associated subsidiaries as well as Co-operative Asset Management.

Royal London said its funds under management would increase from approximately £50bn to around £70bn after the deal.

Co-op is also rumoured to be mulling a sale of its general insurance unit.

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