View more on these topics

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.

Recommended

AJ Bell looks at ex-Brown Shipley exec for CIO role

AJ Bell has hired Kevin Doran as its chief investment officer and Matthew Brennan as fixed income fund manager as it eyes further fund launches. Doran was chief investment officer at Brown Shipley until June 2016 and more recently the group head of research and strategy at its parent company KBL European Private Banking. He will […]

Pension - thumbnail

‘Rigorous’ DB transfer redress calculation welcomed

The FCA’s latest guidance on calculating unsuitable DB transfer advice redress has been welcomed by the market for being more fair and rigorous. The FCA last week published guidance on how pension transfer complaints should be handled. The regulator started a consultation in March to update how redress is calculated for unsuitable pension transfer advice. The guidance […]

Technology-Tablet-Tech-Computer-500x320.jpg

Old Mutual compensates couple after ‘misleading’ online information

Old Mutual Wealth must compensate a couple after showing incorrect information on its website that led them to believe they could not move their money out of certain under-performing funds. The couple, Mr and Mrs F, made a complaint to the Financial Ombudsman Service about Old Mutual Wealth Life Assurance saying its website wrongly claimed […]

Social-Networking-Technology-Organisation-Chart-700x450.jpg
4

FCA warns networks must take responsibility for member firms

The FCA has warned networks must take responsibility for the advice their appointed representatives give. The regulator has outlined a number of risks today that it says principals must make sure are considered among the member firms they oversee. The FCA warns that the investment choices and advice given by an AR can be “inappropriately […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment