Quilter considers life assurance exit in strategic review

Quilter is exploring the possible disposal of Old Mutual Wealth Life Assurance unit.

London-based Quilter is exploring the possible disposal of its life insurance business.

Quilter, which is Old Mutual’s former wealth management business, said it is considering selling its Old Mutual Wealth Life Assurance unit.

Quilter, which was spun out of Old Mutual in June 2018 through the insurer’s managed separation process, said on Thursday it was undertaking “a strategic review” of its “heritage life assurance business”, which could result in a sale.

'No decision has been taken by the board of Quilter on any particular option, including whether to effect a disposal of Old Mutual Wealth Life Assurance Limited,' the firm, which is led by CEO Paul Feeney (pictured).

“Accordingly, there can be no certainty that any transaction will be concluded, or if so, its timing or terms. A further announcement will be made if and when appropriate.”

In April, Quilter’s advisory business Intrinsic agreed to buy London-listed Lighthouse in a deal worth £46.2 million.

The deal was in line with “Quilter’s plans to be the leading wealth manager across the UK, with face-to-face advice forming a core priority for the group”, the financial services group said at the time.