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Prudential annuity book sale inches closer

Prudential is sounding out potential buyers as it prepares a four-way break-up of its £10bn annuity book in the UK, according to reports.

The insurance giant has told buyers in the last few weeks that four chunks of annuity book valued at between £2bn and £3bn each will be offered.

To attract a range of buyers, each tranche will contain a different profile of assets, a person briefed on the plans told Sky News.

Specialist insurers like Rothesay Life have recently executed a number of deals to buy annuity books from providers.

Prudential declined to comment on Sky’s report.

The move would cement a strategic shift away from annuities for Prudential after it withdrew its open market offering in June last year.

The proposed merger between its UK arm and asset management business M&G sparked further rumours about annuity book sales, but chief executive Mike Wells told a paper at the time that the firm was not looking to get rid of its “entire” £45bn annuity book.

Prudential is currently building out its advice arm, looking to increase its number of advisers above the current 300, as well as taking advantage of defined benefit pension transfer business.


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