The Co-operative Group has sold its life insurance and asset management businesses to pensions company Royal London for £219m.

The society said the businesses to be sold included £20bn of assets of the CIS Long-Term Business Fund and The Co-operative Asset Management and was subject to regulatory approval.

The sale comes ahead of the release of the society’s full-year results this Thursday, and as it continues to press ahead with its acquisition of more than 600 high street branches of Lloyds Banking Group.

“As member-owned organisations, we have much in common with Royal London, which has a track record of delivering strong performance for policyholders and a real focus on delivering good customer service,” said Co-op Banking Group CEO Barry Tootell.

“We believe this is the best outcome for our policyholders and members.”