Germany’s Deutsche Bank is reportedly considering the sale of of Abbey Life insurance unit, at a value of around $4.6bn.

The firm is considering the sale of the business unit to protect the pension funds against the risk of their members, reported Bloomberg.

Phoenix Group, which is assessing options to acquire Guardian Financial Services, is expected to bid for Abbey Life.

In 2007, Deutsche Bank acquired UK’s Abbey Life from Lloyds Banking Group, for around £977bn.

Mark Weinberg established Abbey Life Assurance in 1961, while ITT bought 50% stake in the company in 1964.

Lloyds Bank purchased a majority stake in the business in 1988, and changed the name to Lloyds Abbey Life.

Deutsche Bank is expected to report a loss of around €6.2bn in the third quarter of this year.