Phoenix Group has rejected a number of takeover bids for fund management arm Ignis Asset Management, according to reports.
Sky News says Aberdeen Asset Management was one of a string of asset managers to bid for the business in 2012, which manages around £73bn of assets.
The report says some of the interest dates back to late 2012, however Aberdeen’s interest was earlier in the year.
Phoenix is understood to have rejected a number of approaches, which valued Ignis at around £400m, stating that the business was not for sale.
The life assurance company, which has around six million customers, is currently in refinancing talks with its lenders. The group currently has £2.5bn of debt which is due to mature in 2014.
A spokesman for Phoenix Group declined to comment to Sky.