Equitable Life, the troubled mutual life insurer, halted the sale of its £6 billion with-profits fund yesterday after a year of trying to find a buyer for the business, reports The Times.
Equitable, which is the UK's oldest mutual insurer, blamed its change of heart on the economic downturn. A policyholders' spokesman said he was relieved that Equitable was not pressing ahead with a sale in the present poor market conditions. The society, which has 500,000 policyholders, said it had received several approaches to buy its remaining assets. "Given the current financial and economic climate the board decided that none of the various proposals received would be certain to provide improved prospects for policyholders," the society said. DIRECT WHITEHALL CONTROL rates of Bri...
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