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Equitable Life puts freezes sales process

Equitable Life has announced that it has put its sales process on ‘hold’ after the Board decided that proposals would not improve prospects for customers.

The group say it will now focus on providing the best possible strategy for running the business until the current policies mature, such as the company, people, structure and costs.

The news comes following the transfer of £4.6bn of non-profit pension annuities to Canada Life and £1.7bn of with-profits annuities to Prudential.

Equitable Life invited third parties to make proposals earlier this year.

Equitable Life’s chairman Vanni Treves says: “Having carried out this important test of our options for improving prospects for our policyholders, we will now focus on a stable and secure run-off of the Society.”

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