4th Jul 2019 07:22
(Alliance News) - Wealth management firm Quilter PLC confirmed Thursday it was considering a possible sale of its Old Mutual Wealth Life Assurance Ltd unit as part of a strategic review.
London and Johannesburg-listed Quilter - which demerged from Old Mutual in June 2018 - explained it was undertaking a "strategic review" of its "heritage" Old Mutual Wealth Life Assurance business. Although no decision has been made, they did cite the possibility of a sale of the unit.
Quilter emphasised, however, that there was no certainty a transaction will be concluded or on what terms.
In its 2018 annual report, Quilter explained its heritage UK life insurance business was now closed to new customers and was being "run-off" over the next few years.
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