Insurance giant Resolution said it was in talks to sell its stake in one of Malaysia's biggest life insurers.
The firm's Friends Life business is discussing the sale of its 30% stake in AmLife Insurance Berhad and AmFamily Takaful Berhad back to its joint venture partner, Malaysia's AmBank Group.
Friends Life entered the AmLife joint venture in 2008.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
AmLife is one of Malaysia's top ten life insurers and Friends Life's 30% interest in AmLife had an 'MCEV' of £38m at the end of June.
MCEV- or Market Consistent Embedded Value - is an accounting technique that insurers use as a standardised measure to enable comparisons of their balance sheets.
MM
-
Half of UK homeowners will need to tap housing wealth to pay for retirementUnlocking property wealth could inject £21 billion each year into UK economy by 2040, according to new research
-
When will M&S take online orders again?Shoppers have not been able to place orders on the M&S website for more than two weeks, following a cyberattack. Meanwhile, the retailer’s share price has plummeted by 15%. When will things get back to normal?
