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Analysts believe Old Mutual may dispose of several of its businesses, including its US life operations.
The chief executive of Hartford Financial, Ramani Ayer, said the offer was part of a plan to reorganize the company into two major operating entities: worldwide life operations and worldwide property-casualty operations.
AMP closed its life operations for new business in June 2003; and Eagle Star, Royal & Sun Alliance and Skandia Life shut down their with-profits businesses (which smooth investment returns for savers) in 2002.
AXA does not want its reinsurance arm any more, and Swiss Life would like to part with its non-life business in Belgium, France and Switzerland, and its life operations in Britain, Italy and Spain.
Abbey said: "This draws a line under the speculation that Abbey will be selling off its life operations".
PHILADELPHIA (AP) — The Cigna Corporation, a health insurer, said on Wednesday that fourth-quarter profit rose 13percentt as growth in its overseas business and in its group disability and life operations helped to offset a slight decline in health care earnings.
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