Friends Provident is issuing 2.5m members with the prospectus for listing on the stock exchange inviting them to buy shares on preferential terms.
It hopes to raise £1.5bn of new capital through the float which it says would give it a market capitalisation of £3.8bn.
The preferential offer is at 5 per cent discount to the institutional offer. Applicants will also be entitled to one bonus share for every 20 ordinary shares they acquire through the preferential offer and keep for one year.
Indicative share prices are between 210p and 270p. On the preferential offer, the price range is between 199.5p and 256.5p. Final offer prices will be announced on July 6. The listing is planned for July 9.
Members wanting to sell all their shares on listing must return their forms to the life office by July 3.