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Cooperative set to hold sales negotiations for life insurance division

British group considers selling life insurance arm

25 October 2010

The Cooperative Group could be set to hold sales negotiations as it considers selling its life insurance division.

The British organisation, which also runs its own chain of supermarkets and banking services, has appointed Deutsche Bank to review the sale of the arm.

Potential bidders for the firm have been sent information packs outlining the details of the pensions and protection insurance unit, which has £18 billion in assets.

Among the firms reported to be interested in the division include rival insurers Legal & General, Aviva and Royal London.

The Telegraph has today (October 25th) reported that both Resolution and Phoenix Group have claimed they are not interested in acquiring the business in its current form.

The review of the group's life insurance arm follows the merger of its financial services unit with UK building society Britannia in January 2009.

According to the Mail On Sunday, the Cooperative want to sell more of its products via its branch network rather than through a dedicated sales team.

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