Lloyds TSB has rebuffed a joint approach from Axa and Swiss Re for its subsidiary Scottish Widows.It is understood that the two European insurance giants’ £8bn break-up proposals, which would have seen Axa take over the bulk of Scottish Widows, incl-uding Swip, and Swiss Re buying its closed life book, were rejected at an early stage. Swiss Re has been increa-singly aggressive in the market recently, having just bought GE Life for £465m after missing out on Abbey’s life business, which was bought by Resolution Life for £3.6bn in the summer. Resolution is also understood to be interested in Scottish Widows but would face stiff competition from pizza to pubs entrepreneur Hugh Osmond’s Pearl Group, which has a £7bn war chest. The future of Scottish Widows has long been a source of City speculation. Lloyds bought the group for £7bn in 2000 but is now receiving cash dividends from the group, including £1bn last year. None of the parties inv-olved would comment.