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Report: UK mutual insurer Equitable Life explores potential sale

British mutual insurer Equitable Life Assurance Society has mandated Goldman Sachs to examine a potential sale of the company, the Financial Times reported.

The company has been off-loading parts of its businesses since its near-collapse in 2000. Currently, its assets are still in excess of £6 billion, the FT noted.

CEO Chris Wiscarson told the FT that the sale process is part of a wider review of the business as it aims to boost returns to its more than 300,000 policyholders.

"We are determined to distribute greater amounts of capital to policyholders, and we are hopeful of being able to give them some good news in the spring," Wiscarson reportedly said.

Equitable Life had roughly £1 billion in capital at 2016-end, the report noted.