(Bloomberg) -- Aviva Plc, the U.K.’s second-biggest insurer by market value, said it’s in talks to sell its U.S. life unit in what would be the biggest disposal since Chairman John McFarlane took charge in May.

The sale would be at a “substantial discount” to the unit’s book value of 2.4 billion pounds ($3.8 billion) at the end of June, Chief Financial Officer Pat Regan told reporters on a conference call today as the company posted a 5 percent decline in nine-month sales. The division, the third-biggest fixed annuity provider in the U.S., may fetch more than $1 billion, people with knowledge of the matter said in September.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access