Prudential may be planning to divest itself of annuities so that it can focus on Asia TIM IRELAND/PAPrudential is about to look for buyers for about £10 billion of its annuities business, which could lead to the sale of the entire £45 billion division and the transfer of thousands of policyholders to a new provider. Britain’s biggest insurer recently ran a search for investment bankers to advise it on the divestment and has tentatively decided to start with a £10 billion sale, which may be broken up into two blocks of £5 billion. Prudential hired Clare Bousfield in November from Aegon, its rival, where she orchestrated a £9 billion divestment of its retirement annuities business last spring. Now chief executive of insurance for Prudential in the UK, Ms Bousfield has been reviewing the pensions liabilities business. The Aegon transaction was the largest…

Source: The Times July 30, 2017 23:03 UTC