The likelihood that insurer Friends Provident will be sold or even broken up, increase dramatically as the embattled insurer embarks on a full-scale two-month strategic review after the departure of Philip Moore, its chief executive.

Moore’s had become untenable after the collapse last month of an £8.5 billion merger deal with Resolution, the closed life fund.

The insurer could remain independent, but has ruled nothing out in the review.


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