Equitable to sell subsidiary to Reliance Mutual

The company says the sale, which is expected to be completed in the second quarter of 2007, if approved by the Financial Services Authority, will benefit Equitable Life policyholders by removing the costs associated with University Life. It suggests policyholders with University Life will benefit by becoming part of Reliance, a company which it says specialises in the administration of small closed life funds. In a letter to University Life policyholders, Equitable says the sale will not affect policyholders in any way and states as the subsidiary now has less than 2,000 policyholders, ...