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AMP withdraws from Equitable negotiations

Aegon UK, the British subsidiary of the Dutch insurance giant, has withdrawn from negotiations to acquire Equitable Life&#39s assets.

Aegon had been seen as the front-runner for Equitable until the announcement. Its withdrawal leaves Australian insurer AMP as the sole potential buyer. AMP presently derives more than half of its business in the UK.

If a cap on the open ended liabilities on the 90,000 guaranteed annuity policies can be agreed, a deal could go ahead which would see the buyer take over Equitable&#39s £26bn life fund.

Such a deal would require approval of policyholders and the court.

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