MetLife is preparing a sale of its UK bulk annuities business, according to Sky News.
It said it understood MetLife had appointed Citi to run an auction of the division.
Analysts have suggested the business could be valued at around £1 billion, but Sky cited people close to the situation as claiming it would sell for 'significantly below' that figure.
A spokesman for MetLife's UK business told Sky: ‘MetLife continually evaluates its businesses to ensure that we are best positioned to achieve our objectives, deliver superior customer service, support long-term business growth and operate effectively and efficiently. We do not comment on market rumours or speculation.’