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A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
October 19, 2005 at 08:00 PM
L43Morgan_tt 22 ll.
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Banner: MERGERS & ACQUISITIONS
JPMorgan Chase & Co., New York, plans to sell its life insurance and annuity business, according to a published report.
Quoting an unnamed source, the Reuters news agency says JPMorgan is seeking to sell the operation, which was part of its acquisition of BankOne Corp. last year.
JP Morgan’s life business had $48 million in income on $393 million in revenue in 2004, according to a company spokesman, who declined to comment on the report.
BankOne bought the business in 2003 from Zurich Kemper Life, a unit of Zurich Financial Services, Zurich, for $1 billion. Zurich paid twice that amount when it acquired the business in 1996.
If JPMorgan did sell the unit, it would follow on the heels of a similar move by another major bank. In July, Citigroup Inc., New York, sold its Travelers Life Insurance unit to MetLife Inc. for almost $12 billion.
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