View more on these topics

Royal & Sun Alliance may sell off its life business

Royal & Sun Alliance is understood to be evaluating its life book with a view to selling the business.

The composite insurer is also understood to be considering taking a similar step with its general insurance arm.

Investment banks have been invited by RSA to comment on the value of the life book as a separate business to the general side.

Industry sources say it is unlikely that one bidder would be attracted to both businesses. R&SA is looking to appoint separate advisers for the life and general businesses.

If the life book is sold off, industry speculation surrounds the future of RSA&#39s general business, with German general insurance giant Allianz is thought by industry insiders to be a likely candidate.

R&SA revealed group losses of £476m from £386m for 2000. It

blames this on storm losses of £180m and e-commerce investment of £100m.

IFAs account for 90 per cent of its life and pension business. Life and pension sales are up by 12.5 per cent to £352m from £308m.

UK communications director Paul Atkinson says: “It is not unusual to have discussions with a number of advisers about a number of issues but it is not our practice to comment on specific areas of speculation. Our primary focus is on general insurance. We believe it will give better returns and growth in the long term. But our recent results show our life business has made an important contribution to the business.”

Recommended

Portman offers fixed, tracker and discount loans

Portman Building Society is rolling out a new range of mortgages this week, offering a choice between discounted, fixed and tracker loans. The society&#39s three-year stepped discount reduces its 6.99 per cent standard variable rate to 4.49 per cent until May 2002 followed by a 5.49 per cent rate until May 2003. The redemption penalty […]

Blair and Hague clash over pensions

Prime Minister Tony Blair and Leader of the Opposition William Hague clashed before this week’s budget over Labour taxation of dividends in pension funds.In a stormy clash in the House of Commons during Prime Minister&#39s Question time before the Chancellor rose to give his speech, Hague attacked the Government for slashing the Advanced Corporation Tax […]

investment view

Well, Hi there! Howareya? Just fine. Thanks. You&#39re welcome. Have a nice day… The good citizens of Boston are unfailingly polite, refreshingly relaxed and hold what comes across as a sincere interest in your welfare. The occasion of my revisiting the cradle of American independence was a trip with two Gerrard Investment Funds managers and […]

Disappointment on drawdown

As I predicted in my Budget preview, the Chancellor has consolidated his strong record. So, no bribery and no giveaways. I consider the lack of an announcement to raise the compulsory annuity purchase age to 80 or higher to be disappointing. We have clients using income drawdown who are knocking on the door of age […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com