Australian insurer AMP announced that it was withdrawing from talks with the U.K.’s Equitable Life, following the failure to reach an agreement on a figure for Equitable’s sales force, asset management business and administrative operations.
AMP was the only remaining bidder, following Aegon’s withdrawal, announced last week.
The failure to reach an agreement leaves the venerable British insurer facing increased withdrawal demands, now averaging £50 million ($73.4 million) a week, from policy holders anxious about their investments, increasing the insurer’s liquidity crisis.
No other company has expressed interest in a deal with Equitable.
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