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Equitable Life ‘in good shape’ for potential buyers

Equitable Life chairman Vanni Treves says the society is still looking for a buyer but could happily remain as a stand-alone business.

Announcing its preliminary results for 2007, Equitable Life says it has made some “major achievements” in the past 12 months including transferring £4.6bn of its fixed pensions to Canada Life.

Last year also saw it transfer the University Life Assurance Society to Reliance Mutual at the end of May.

The society’s £1.7bn of with-profits annuities were transferred to Prudential in December 2007.

Treves says: “The major achievements of the last 12 months have brought the society to an important crossroads. We can comfortably run the business ourselves but are also in good shape for others to consider.

“If one or more third parties can provide a better outlook for our policyholders than we can ourselves, we will recommend the best approach to members. Whatever the outcome, the next 12 months is the right time to address this question.”

Chief executive Charles Thomson says: “The society has continued its steady progress and we now operate like any other closed fund. Of course, we have also implemented very significant deals with Canada Life and Prudential as well as addressing smaller issues in University Life and the subordinated bonds.”


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