Ahead of the full-year results of
The former HSBC executive has already initiated a process to sell its £6bn bulk annuities portfolio, with the likes of
I also understand, however, that Lloyds is exploring the sale of a separate portfolio of
The prospective disposal encompasses investment policies under the Clerical Medical brand, one insider said, and accounts for about €2bn in assets under administration.
Its value - probably in the region of £150m - means it represents no more than a piece of tidying-up for Nunn. Lloyds will retain the portfolio if it cannot get sufficient value for it, the insider said.
Regardless, after the repayment of its £1.16bn loan to the Barclay family, Lloyds will have a big enough sweetener for shareholders come the end of next month.
(c) 2024 City A.M., source