The review could also lead to the sale of Prudential’s annuities business, reported The Times.
It is being spearheaded by Clare Bowesfield, who was hired last month from Aegon where she led the sale of its £9bn annuities business earlier this year.
The sale of Pru’s annuity business would not only be the largest of its kind in the UK but could also potentially trigger a split of the insurer’s UK, US and Asian operations, added the paper.
Last month, Prudential said its Asian business, which includes offices in Hong Kong and Singapore, contributed a third of the company’s Q3 operating profit after reporting a surge in regular premium sales of nearly 20%.
The publication quoted a source who revealed that the life insurer may be looking to sell its “whole UK insurance operation”, rather than just its annuity book – a move that would leave the company with just its M&G asset management arm in Britain.
In June, Prudential said it would no longer sell annuities through advisers on the open market in the UK, choosing instead to offer its product to existing customers only.
Prudential declined to comment.
