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JPMorgan Seeks Buyer For Life Subsidiary: Report

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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.