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Family Assurance is set to sell its life and pensions business

Family Assurance is to sell its with-profits life and pensions business to concentrate on core savings, following a strategic review.

A total of 23,500 policies worth £260m in funds under management is scheduled to transfer to the life and pensions provider Reliance Mutual Insurance Society, subject to approval by Family Assurance&#39s members at the next AGM and confirmation by the FSA.

Family Assurance chief executive John Reeve says: “Following a strategic review, we recognise that Family&#39s future success lies in our core savings business. As we move closer to the Child Trust Fund launch it makes sense for us to refocus our activities.”

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