ROYAL & SUN Alliance has commenced discussions with an unnamed party or parties to sell its UK life insurance arm in order to cut losses associted with the troubled division.
According to The Scotsman, the RSA move follows weeks of City speculation. RSA said: "As has been indicated for some time, the group is reviewing options for its UK Life insurance operations with respect to releasing capital." Difficulties at the insurance arm have forced RSA to abandon its global ambitions and focus on property and casualty insurance. It has already cut 20,000 jobs and issued new shares to prop up its balance sheet. However, the group added: "These discussions are at an early stage." PENSIONS EXPERTS yesterday urged Gordon Brown not to raise the retirement a...
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