Equitable Life break-up begins

By James Rossiter
Updated: 14:39 BST, 11 May 2006

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EQUITABLE LIFE began its break-up today with a 取引，協定 to offload its £4.5bn 調書をとる／予約する of annuities 商売／仕事.

The 移転 o f this chunk of 資産s and 義務／負債s to Canada Life - the biggest of its 肉親，親類d - will 上げる the 信用／信任 of Equitable ' s remaining 120,000-半端物 with-利益（をあげる）s policyholders who have 苦しむd years of 不確定 over the 相互の's 財政上の position.

The with-利益（をあげる）s 政策s 基金 is 価値（がある） around another £10bn. After today's を取り引きする Canada Life, 選択s still remain for Equitable's bosses to sell that 調書をとる／予約する of 商売／仕事 for another 会社／堅い to run.

The を取り引きする Canada Life comes almost a year after the shock 告示 by Equitable chairman Vanni Treves and his 長，指導者 (n)役員／(a)執行力のある Charles Thomson that they would start a 戦略の review of the whole 商売／仕事.

In November last year, Equitable 保持するd 法人組織の／企業の 財政／金融 boutique Lexicon Partners which, と一緒に City lawyers Lovells, advised on the Canada Life 取引，協定. Both are still on board should Equitable want to 押し進める ahead with a sale of the with-利益（をあげる）s 商売／仕事, 変える it into 部隊-linked 政策s or leave it 不変の.

Equitable has been の近くにd to new 商売／仕事 since 2000 when the House of Lords 支配するd against its 支払い（額）s system, blowing a £1.5bn 穴を開ける in its 財政／金融s.

Canada Life （警官の）巡回区域，受持ち区域 競争相手 企て，努力，提案s from Prudential, which has 以前 完全にするd two 類似の 取引，協定s with other 保険会社s, and Hugh Osmond's XL 資本／首都 for the annuities 調書をとる／予約する.