British insurer Royal & Sun Alliance is in talks to sell its UK life assurance operations. The company said discussions were at an early stage and that figures mentioned in weekend press reports were “purely speculative.”
Royal & Sun is one of a number of insurance companies that have closed their UK life funds to new business.
According to a report in the Financial Times, the Resolution Life Group – set up by the former chief executive of GE Insurance Holdings Europe, Clive Cowdery – has offered £750 million in cash ($1.38 billion) and £150 million in deferred payments for the business.