How changing customer needs are redrawing the long-term savings industry

Minds made for transforming financial services

Historically, L&P and asset management have been quite distinct activities, often managed separately even when one group includes both, and approaching the market in different ways to serve different customer needs.

However, recent L&P and asset management merger and acquisition (M&A) activity suggests that they are seeking scale and strategic capability in similar areas. In addition,there have been several announcements of L&P firms selling a significant portion of their book, or even their entireinsurance business, to competitors — a rare phenomenon in the past. So, are these isolated cases, or is this part of a bigger picture of change within the UK long-term savings industry?

To answer this question, EY teams reviewed more than1,100 UK nancial services M&A deals.* In this paper, EY teams examine the factors underlying this M&A activity, look at the data in more detail, and finally, looking forward, set out five ways in which firms are likely to evolve.

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