"We should not shy away from the biggest challenge we face, which is our poor productivity," Hunt was due to say in a speech, excerpts of which were released by the ministry late on Thursday.

Hunt would confirm in the speech that reforms to the European Union's Solvency II rules will be implemented in the coming months, allowing insurers to invest more in the economy, the ministry said.

(Writing by William Schomberg; Editing by Leslie Adler)