British life group Resolution, is negotiating with unidentified buyers to sell its Luxembourg-based Lombard business, which offers tax-efficient insurance products to ultra-rich individuals.
Sources close to the matter were quoted by media reports as saying that the company will offload its Lombard International Assurance and Insurance Development Holdings.
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Resolution, the parent company of Friends Life, said that the discussion might not lead to a deal.
In 2004 Friends Life, formerly known as Friends Provident, purchased Lombard in a 265m ($356m) worth deal, which was later bought by Resolution in 2009.
Lombard markets unit-linked life assurance products through financial advisers, wealth managers and private banks to rich individuals in Europe, Latin America and Asia.
A report by Sky News was quoted by Bloomberg as saying that Barclays is advising Resolution on the sale.
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