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Prudential talks to buyers for $13 billion British annuities book: Sky
November 6, 2017 / 1:12 PM / a month 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.

FILE PHOTO: The logo of British life insurer Prudential is seen on their building, in London October 21, 2008. REUTERS/Stephen Hird/File Photo

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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