Friends Life’s predecessor, Friends Provident, acquired Lombard for €265 million (around $356 million) in 2004 to expand internationally and boost life insurance revenue from high net worth clients.

"Resolution notes the recent speculation in the press regarding the potential disposal of its Lombard division, which comprises Lombard International Assurance and Insurance Development Holdings, and confirms that it is currently in discussions regarding the possible disposal. There is no certainty these discussions will result in a transaction being agreed. A further announcement will be made as and when appropriate," the statement said. 

Friends Provident scrapped plans to sell Lombard in 2008 after a 10-month search failed to find a buyer. London-based private-equity firm CVC Capital Partners Ltd. had been in talks at the time to buy Lombard.

According to a statement on interim results on 12 November, Resolution said: “Resolution is targeting further transactions in the UK life and asset management sector as it sees significant value opportunities from the synergies and restructuring benefits available in this sector. Resolution is working with the Friends Provident management team to best position the business for future integration with other life assurance companies.” The statement made no mention of the Lombard business.

In early October, chief executive of Lombard International Assurance, the full name of the firm providing wealth services to high and ultra high net worth individuals, reiterated a commitment to add €30 million in annual investment in the business on top of the €75 million it already spends in running the business. Part of the investment is designed to improve client service; more of the existing €75 million annual spending sum will be devoted to “solution development”, Matt Moran had told its recent private banking seminar in Luxembourg.