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Royal London to domicile new unit in Ireland due to Brexit, says CEO Loney

Royal London Mutual Insurance Society Ltd. will turn its operations in Ireland into a subsidiary due to the U.K.'s decision to leave the European Union, CEO Phil Loney told Reuters.

The U.K.-based insurer, which has a business in Ireland, reported operating profit before tax for 2016 on a European embedded value basis of £282 million, up from £244 million in the year-ago period.

Meanwhile, Lloyd's of London disclosed plans to establish a new European insurance subsidiary in Brussels because of Brexit.