Life insurance merger shaky

Tue, 07 Aug 2007

A major life insurance merger reported last week could be under threat, as eager buyers consider levelling a bid that will disrupt the plans already laid.

A major deal between Friends Provident and Resolution Life may not ever reach completion following interest from rival life insurance companies and financial services entities.

The Swiss insurance company, Zurich Financial Services, are apparently considering making an offer to buy Friends Provident, who are the smallest life assurance company in the FTSE 100 index.

Other life insurance groups are also looking at Friends. These include Old Mutual (a South African Financial Group), JC Flowers (a private equity firm) and AXA (the French insurance company.) Standard Life are also reported to be watching the deal.

The UK life insurance market is seen as ripe for further deals.
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