20 okt: Vælg dine kampe med omhu....og vind dem!
26 okt: Ældre forkæles med rekordpension
24-10-2010 15:31:54

Cooperative mulls life unit disposal

Relateret indhold

LONDON (Reuters) - Britain's Cooperative Group could offload its life insurance arm as it reorganises its financial services division following last year's merger with Britannia, a source familiar with the situation said on Sunday.

Mutually-owned Cooperative, which runs businesses ranging from supermarkets to funeral homes, has appointed Deutsche Bank to review options for the life arm including a possible sale.

The society has sent information packs to potential bidders for the unit, which sells pensions and protection insurance and has 18 billion pounds in assets, in an effort to gauge the level of buyer interest, the source added.

Cooperative and Deutsche Bank both declined to comment.

Potential suitors for the business include listed insurers Legal & General (Legal & General Group PLC ORD), Aviva , Resolution (Resolution Limited ORD NPV) and Phoenix Group, as well as rival customer-owned insurer Royal London, the Mail on Sunday and Sunday Times newspapers reported.

The review of Cooperative's life unit follows the January 2009 merger between its financial services division, which also includes banking, asset management and general insurance operations, and Britannia, the UK's second-biggest building society.

The merger enlarged Cooperative's branch network, and the society wants to sell more products through its bank premises rather than through a direct sales force, currently the main channel for its life insurance products, the Mail on Sunday said.

Britain's life insurance sector has seen a high level of M&A activity this year as major insurers restructure to pursue high-growth markets in Asia, throwing up opportunities for UK-focussed players.

France's Axa sold most of its British business to Resolution for 2.75 billion pounds in June, freeing it up to focus on Asia, while Prudential the previous month narrowly failed to buy AIG's (American International Group) Asian business in what would have been the sector's biggest ever deal.

Aviva and Resolution declined to comment, while L&G, Phoenix Group, and Royal London could not immediately be reached.

(Reporting by Myles Neligan; Editing by David Cowell)

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

Mærsk: Maersk Line-alliance bekræfter snak med koreansk rederi

24-06-2016 13:16:49
Maersk Lines alliance, 2M, bekræfter, at den er i samtaler med det sydkoreanske containerrederi Hyundai Merchant Marine (HMM), som har givet udtryk for, at det ..

Aktier/middag: Lundbeck står alene i ellers brexit-ramt marked

24-06-2016 11:29:05
Der er store fald på det danske aktiemarked fredag ved middagstid, hvor investorerne har en generel tendens til at søge væk fra de mere risikobetonede papirer, ..

Brexit/aktiechef: Alle aktier rammes - defensive mindst

24-06-2016 08:26:08
Alle aktier vil blive ramt af den megastore nedtur som aktiemarkedet ventes at stå over for ved åbningen kl. 9.00.Det vurderer afdelingsdirektør i Sydbank Ole K..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Brexit/Danske: Voldsomme fald kan bliver voldsommere
2
Fondsbørsen løsner tøjlerne ved udsigten til styrtdyk
3
Aktier/tendens: Udsigt til blodbad efter brexit
4
Brexit/aktiechef: Alle aktier rammes - defensive mindst
5
Danske aktier har kurs mod næststørste fald nogensinde

Relaterede aktiekurser

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Copyright Euroinvestor A/S 2016  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
24. juni 2016 22:19:51
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20160622.1 - EUROWEB1 - 2016-06-24 22:19:51 - 2016-06-24 22:19:51 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x