Equitable Life open to would-be bidders

EQUITABLE Life has moved a step closer to a possible sale, announcing it would be prepared to listen to approaches.

The mutual life insurer yesterday said it was "at a crossroads" following the £1.7 billion transfer of its with-profits annuity book to Prudential last year, adding that 2008 was likely to be a "key year" in deciding the society's longer-term future.

It said it was inviting parties to say what they could do to improve prospects for policyholders, but it stressed it remained stable and could continue running its existing policies to maturity. The group declined to name companies it was planning to hold talks with, but they are likely to include Pearl, which specialises in closed with-profits funds.