The British newspaper the Independent on Sunday carries a report that GE Capital is interested in acquiring the U.K.’s Equitable Life for about $5 billion ($7.5 billion). Equitable is under a judgement to pay out over $2.25 billion in guaranteed annuities, and has been on the market for a while.
GE Capital, through its Employers Reinsurance Corp., already has substantial investments in the U.K. as the owner of Eagle Star Re and Kemper Re. According to the article other interested parties include the U.K.’s Abbey National, a mortgage bank, and insurers Prudential and CGN. Continental rivals AXA and Allianz have also expressed interest.
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