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R&SA in talks on outsourcing life operation

Royal & Sun Alliance is in discussions which could see its closed life operations outsourced and its investment strategy changed.

A deal would enable R&SA to take advantage of admin and technology efficiencies without having to find capital.

The company closed its doors to new life business two weeks ago to free capital for its general insurance business. R&SA has already outsourced its life and pension investment management to Friends Ivory & Sime.

In January, Sun Life Financial of Canada contracted its admin out to Marlborough Stirling after closing its life operations last year.

R&SA operations director Phil Egan says: “We are in discussions with third parties to explore what efficiencies can be achieved. Outsourcing the business, joint ventures and partnerships are all under consideration.

“We will work with FI&S on a future investment strategy. At the moment, there is no change but it is reviewed on an ongoing basis and in the light of the maturity of the portfolio. It may well be necessary to move more into fixed interest.”

Financial Technology Research Centre director Ian McKenna says: “It is a very natural way for R&SA to go. Outsourcing could save them a vast amount of money.

“Just because they have closed to new business does not mean that they do not have millions of policyholders who need servicing or that they do not need to adapt to latest technological developments.”

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