US life insurer MetLife is likely in the process of selling its UK bulk annuities business, MetLife Assurance Limited, in a deal which might be valued around £1bn, in a bid to consolidate its operations.

The sale is part of the underwriter’s strategy to accomplish its objectives, enhance customer service, while backing long-term business development and operate effectively and efficiently.

It is expected that the underwriter is planning to organize an auction for the disposal of the unit and has appointed investment bankers from Citibank to inform the sale process to potential buyers, as reported by the Sky News.

MetLife’s UK annuities business drawdown will not affect other operations of the company in the country, which include wealth management, employee benefits and the provision of life, accident, sickness and other general insurance products.

According to the company, which denied to comment over the deal, has 55 employees in London.

The insurance products including bulk annuity and pension risk management services for pension schemes are distributed through banks in the UK and elsewhere in Europe.

Founded in New York in 1868, MetLife provides accident, health insurance, retirement and savings and reinsurance products through agents, third-party distributors, such as banks and brokers, and direct marketing channels.