'Talks underway'

Royal London linked to Scottish Widows annuities

Scottish Widows head office
Scottish Widows is part of Lloyds (pic: Terry Murden)

Royal London is said to be in talks with Lloyds Banking Group about acquiring its Scottish Widows’ bulk annuities arm.

The £6bn portfolio is expected to receive bids from “a small number of parties” next week, said Sky News. Specialist insurance group Rothesay is understood to be among the companies interested in making an offer.

Scottish Widows, founded in 1815, was acquired by Lloyds Banking Group in 2000 in a deal worth £7 billion and it entered the bulk annuity market in 2015.

Lloyds was reported to be exploring options regarding a sale of Scottish Widows’ bulk annuities arm in November.

This would allow the banking giant to focus on its core workplace, individual pensions and direct-to-consumer insurance, and investments products.

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