SWISS LIFE LOOKING TO SELL GROUP PROTECTION UNIT, SAYS PAPER

Swiss Life is poised to sell its UK group protection arm later this year for up to £250m, UK paper the Sunday Times reports. According to the paper, the assurer has appointed US investment bank JP Morgan to sell the operation as part of a restructuring programme to divest “non-core assets” in a bid to turn around heavy losses. The plan to sell follows a difficult period for Swiss Life in which it proposed transferring the operation to US disability insurer UnumProvident from January 1 this year, but saw the move was blocked by the UK’s Competition Commission.