Equitable completes Reliance Mutual deal

The deal, which was announced in December, followed closely on the heels of Equitable’s sale of £4.6bn non-profit annuities to Canada Life in May and effectively left the insurer to operate as a large with-profits fund. It stated at the time it was “appropriate to sell the company to Reliance Mutual” as University Life’s 2,000 policyholders would benefit from the specialist experience of Reliance in managing small closed life funds, while Equitable would benefit by removing the costs associated with University Life. Following the Reliance Mutual deal, Equitable confirmed the bulk of its...