Co-op agrees £219m insurance sale

The Co-op has unveiled plans for the sale of its life and pensions arm in a deal expected to boost its chances of landing more than 600 Lloyds branches.

Royal London, the UK's largest mutual life and pensions company, has agreed to pay £219 million for the Co-op's life insurance and asset management business, increasing its funds under management to around £70 billion.%VIRTUAL-SkimlinksPromo%