Co-op seeks buyer for £18bn life insurance business

The Co-op may sell its £18bn life insurance business in a re-organisation instigated by new CEO Neville Richardson.

Co-operative Financial Services (CFS), the £76bn financial arm of the Co-op, has asked Deutsche Bank to drum up interest, according to the Daily Mail. Buyers for all or parts of the business are thought to include Legal & General, Resolution, Royal London and Aviva. The life insurance arm of CFS includes an £11bn to £12bn with-profits fund and a unit-linked investment management business with more than £1bn of funds. In total it has £18bn of assets.  Richardson, it is understood, believes CFS should move away from a direct salesforce - Co-op's traditional way of doing business - an...