Cooperative set to hold sales negotiations for life insurance division
British group considers selling life insurance arm
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
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.