Bupa sells health assurance arm to Resolution
The owner of Friends Provident, Resolution, has said it will buy the health assurance business of healthcare provider Bupa in a £102m deal.
Resolution will acquire Bupa Health Assurance, which mainly provides income protection, critical illness and life insurance to companies and their staff.
The deal follows Resolution's takeover of AXA's UK life insurance arm and last year's purchase of Friends Provident.
Bupa said the sale would allow it to concentrate on health care.
Resolution said the deal would allow Friends Provident to expand into the income protection market, which it could sell along its corporate pensions.
Friends Provident and Bupa have also agreed to work together to introduce each other's products to their distribution channels.