Quilter has confirmed that it is undertaking a strategic review in relation to Old Mutual Wealth Life Assurance, which could result in its sale.
A spokesperson for Quilter told International Adviser that the announcement was made following some industry speculation about the future of the business.
“Our disclosure committee took the decision to announce to market to ensure transparency around the process.”
No decision yet
A stock exchange notice on Thursday stated: “No decision has been taken by the board of Quilter plc on any particular option, including whether to effect a disposal of Old Mutual Wealth Life Assurance Limited.
“Accordingly, there can be no certainty that any transaction will be concluded, or if so, its timing or terms.”
Quilter added that a further announcement “will be made if and when appropriate”.
Possible rebrand
The heritage life assurance business is run by David Still, who was appointed in June 2018.
It is predominately a closed book, made up of products sold over the last 30 years, and does not include Old Mutual Wealth’s open protection products.
As part of Quilter plc’s rebrand, following the managed separation from its South African parent Old Mutual, the heritage business – pending its retention – will be renamed Quilter Life Assurance.
