Swiss Life UK is on the block following a new corporate strategy review announced by its parent company in Zurich this week.
In the statement, Swiss Life Group said its UK protection company as well as other niche businesses will be sold as it concentrates on its European based life and pensions businesses.
No timescale has been put on any potential deal and Swiss Life has committed itself to supporting the UK business until a deal can be made.
The UK business is a major player in the group protection and income protection markets.
Swiss Life UK managing director Brian Hurd says: “At this stage in our development, a strong new parent could be excellent news giving us additional financial support to enable us to fulfil our growth potential.
“We intend as far as possible, to keep our customers and employees regularly informed throughout the sale process and we are optimistic that the right purchaser could lead to a very exciting future.
“In the meantime, it is business as usual for Swiss Life UK. The UK business has sufficient funds under management for us to meet all our liabilities and we shall continue to be supported by our Swiss parent.”