Friends Provident has confirmed plans for a £800 million sterling bond offer to fund acquisitions.
The sale will pay for the majority of Royal and Sun Alliance's offshore life operations, worth about £133 million.
Another £240 million sterling will be used for its buy - through unit Friends Ivory & Sime - of R&SA's investment management arm.
Mr Brian Wilkinson, head of group communications, says: "We're looking out for opportunities to grow our core businesses - life and pensions and asset management."
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The company hired a group of bankers led by Merrill Lynch to advise it on the sale.
PA