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Royal London tabling bid to buy bulk annuities from Lloyds - report
(Sharecast News) - Life insurance, pensions and investments group Royal London is in discussions to purchase Scottish Widows' bulk annuities arm, according to Sky News. The £6bn portfolio is wholly owned by Lloyds Banking Group and could receive bids from "a small number of parties" next week, Sky News reported, citing unnamed city sources.
Specialist insurance group Rothesay is also among the companies rumoured to be considering an offer.
Scottish Widows, founded in 1815, was taken over by Lloyds Banking Group back in 2000 in a deal worth £7bn at the time, and entered the bulk annuity market in 2015.
Lloyds was reportedly exploring options regarding a sale of Scottish Widows bulk annuities arm in November, allowing it to focus on its core workplace, individual pensions and direct-to-consumer insurance, and investments products, Sky News said.
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