November 6, 2017 / 1:12 PM / 4 months ago

Prudential talks to buyers for $13 billion British annuities book: Sky

(Reuters) - Britain’s Prudential (PRU.L) plans to break up its 10 billion pound ($13 billion) British pensions annuities book into four parts, in a move that could see the insurer leave its domestic market, Sky News said.

The company has contacted potential buyers in the last few weeks, Sky News said on Monday.

    The portfolio would be divided into four parts of between 2-3 billion pounds each, Sky said citing a person briefed on the insurer’s plans.

    Rothesay Life, Legal & General (LGEN.L) and Pension Insurance Corporation were potential buyers according to the media report.

    A spokesman for Prudential said the insurer does not “comment on market rumor and speculation”.

    Reporting by Noor Zainab Hussain in Bengaluru, editing by Louise Heavens

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