LONDON (Reuters) - British life group Resolution RSL.L has entered talks to sell its Luxembourg-based Lombard division, which sells tax-efficient insurance products to ultra-rich clients.
In a statement late on Thursday, Resolution said it is “in discussions” over a disposal of its Lombard arm, which includes Lombard International Assurance and Insurance Development Holdings.
Lombard manages assets worth about 20 billion pounds ($32.3 billion), according to Resolution’s half-year earnings report in August, and paid a 4 million pound dividend to the parent company in 2012.
Lombard sells life assurance products through financial advisers and private banks to rich individuals in Europe, Latin America and Asia.
Resolution did not identify the prospective buyer of the business and said there was “no certainty these discussions will result in a transaction being agreed”.
($1 = 0.6193 British pounds)
Reporting by Chris Vellacott; Editing by David Goodman