(wire)
Report: Old Mutual mulling sale of U.S. LI business
Old Mutual Plc has hired JPMorgan Chase & Co. to consider the sale of its U.S. life insurance business and has several potential buyers, according to a report in the Financial Times.
The company saw unrealized losses at their U.S. unit narrow to $600 million as of Sept. 30, 2009, from $2.3 billion at the end of 2008.
In addition, Old Mutual said in November that it planned to inject as much as $300 million in order to boost capital.
Finally, the report said that Chief Executive Officer Julian Roberts is conducting a strategic review of the life insurance and banking group.
The company saw unrealized losses at their U.S. unit narrow to $600 million as of Sept. 30, 2009, from $2.3 billion at the end of 2008.
In addition, Old Mutual said in November that it planned to inject as much as $300 million in order to boost capital.
Finally, the report said that Chief Executive Officer Julian Roberts is conducting a strategic review of the life insurance and banking group.
