PRUDENTIAL IS in talks with troubled mutual insurer Equitable Life and at least two other insurers about buying up books of annuities, according to this morning's papers.
The company is understood to be running a slide rule over the purchase of up to £7bn of annuities from Equitable with two other smaller deals also on the table, says the Daily Telegraph. Prudential is likely to scrutinise the proposals in detail to ensure they meet tough criteria on acquisitions and the return they must offer. Prudential, one of two major players in the UK's annuity market, has been actively buying books of business from other insurers. Deals struck over the past year include the purchase of annuities from Phoenix, part of Resolution Life, and Scottish Life, now own...
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