MetLife has put its UK bulk annuities business, MetLife Assurance, up for sale, Money Marketing understands.
The provider, whose US parent has headquarters in New York, has appointed investment bank Citi to alert potential bidders about the availability of the business.
It is unclear how much the provider will receive for the business, although Sky News reports the figure is expected to be “significantly below” £1bn.
Sources say the decision to sell the bulk annuities division will not impact on MetLife’s other UK operations.
A MetLife spokesman says: “MetLife continually evaluates its businesses to ensure that we are best positioned to achieve our objectives, deliver superior customer service, support long-term business growth and operate effectively and efficiently. We do not comment on market rumours or speculation.”