Prudential is reviewing its £45bn annuities business in a move that could lead to a break-up of the company into separate international divisions.
According to the Times, the review is being led by former Aegon chief financial officer Clare Bousfield who joined Pru last month as insurance chief executive. Bousfield worked on the sale of Aegon’s annuity business to Legal & General and Rothesay Life in the spring.
Commentators are questioning whether the review will lead to a restructure of the entire Prudential company into separate UK, US and Asian operations.
Suggested buyers for the Pru annuity book include Rothesay, Pension Insurance Corporation, Swiss Re’s Admin Re or private equity firms.
Pru withdrew from offering annuities on the open market in June.
The insurer did not comment.