Abbey has sold its life business to Resolution for £3.6bn.
The sale, announced this morning, represents 97% of the embedded value of the businesses being sold as reported by Abbey at 31 December 2005. Scottish Mutual Assurance, Scottish Provident, and Abbey National Life will all transfer ownership to Resolution, as well as the group’s two offshore life companies, Scottish Mutual International and Scottish Provident International Life Assurance. But Abbey will retain all of its branch based investment and asset management business, including James Hay, its self-invested personal pension company, and its wrap business. Resolution says it intends ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes