South African financial services group Old Mutual is reviewing its UK life insurance subsidiary as part of its plan to focus on asset management.
Old Mutual closed its books to new life business last year but continues to manage existing business.
A spokeswoman says the review was only started a few months ago and any decision on the life business would not be made for some time.
A sale of the business is being considered. Other options include outsourcing the administration of the business or continuing with the existing situation.