LV= is exploring the sale of its remaining life and pensions operations, Sky News has reported.
Life insurance, pensions, and investments provider LV= has engaged with financial advisers to examine whether the sale of its life and pensions units would be in the best interests of its 1.3 million customers, according to Sky.
Sky reported the 177 year-old business is also considering some sort of joint of venture.
Sources told Sky there is no gurantee of the sale, and LV='s board could decide to maintain its independence. However, Fenchurch Advisory Partners is understood to be advising the firm on its options.
An LV= spokesman told Professional Pensions that the business would not comment on market speculation, but that it "remained focused on continuing to support our customers, members and partners during the Covid-19 crisis".
The spokesmen added LV= was considering how best to utilise surplus capital after its capital coverage ratio increased to 244% above the top end of its risk appetite range of up to 200%.
The reports come after former chief executive Richard Rowney exited the business in December after 13 years at the helm during which time he led the sale of LV='s general insurance business and the process to convert from a friendly society to a company limited by guarantee.
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