Scottish life insurance company will change hands again

Wed, 06 Dec 2006

The owner of the Scottish life insurance company SPILA (Scottish Provident International Life Assurance) may sell the business on, after buying it just over a year ago from the Abbey group.

Resolution Life has recently confirmed numerous rumours about the fate of the life insurance company, by revealing that a competitor may buy it. SPILA was an unusual purchase for Resolution Life, who usually only manage closed life funds. The company is the largest specialist manager of this type in the UK, and has almost 6 million policies and combined company assets of £35 billion.

Resolution released a statement on the matter saying: "Resolution confirms it is currently in very early discussions with various parties concerning a wide range of possible transactions, including acquisitions, business combinations, or a possible offer for the company."
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