Royal & Sun Alliance Codan puts life, pension business up for sale

Royal & Sun Alliance Insurance PLC's majority owned Codan Forsikring AS has put its life and pension operations up for sale, or at least a large part of the business area, Danish daily paper Boersen reported, citing sources in the Nordic life insurance sector.

Codan has reportedly made inquiries to a number of potential European buyers to ask about their interest in taking over the business area, said the paper.

Cordan's chief executive officer, Jens Erik Christensen declined to comment on the reports.

"We have always had a policy that we do not on grounds of principle comment on questions regarding acquisitions and sale of businesses," he said.

The paper said that a sale of Codan's life and pension operations could be connected to problems at Royal & Sun Alliance, which has on an ongoing basis, divested a number of activities in New Zealand, Australia, the US and Puerto Rico.

Royal & Sun Alliance said last November it would reduce global activities after a couple of tough years as a result of the economic downturn.