A large United Kingdom insurer says it has ended efforts to scoop up a somewhat smaller competitor.

Aviva P.L.C., London, has announced that it is withdrawing a proposal to acquire Prudential P.L.C., London, the parent company of Jackson National Life Insurance Company, Lansing, Mich.

Aviva had offered the equivalent of $30 billion for Prudential, but executives at Prudential, which has no connection with Prudential Financial Inc., Newark, N.J., said they believed Prudential could grow faster as a stand-alone company than as part of Aviva.

Executives at the U.K. Prudential also argued that the price Aviva offered failed to reflect Prudential’s potential to grow.

“Aviva believes that the merger, on these terms, would have created significant value for both sets of shareholders,” Aviva says in a statement about its decision to withdraw its offer. “Aviva made clear that its proposal was dependent on the cooperation of Prudential. As this co-operation has not been forthcoming, Aviva has decided to withdraw its proposal.”

Aviva says it is retaining the right to make or participate in an offer for Prudential within the next 6 months if the Prudential board agrees to recommend such an offer.

The Prudential board reacted to the Aviva statement with a statement of its own indicating that Prudential wants to continue to be a stand-alone company.

“The board continues to have full confidence in Prudential’s independent future and remains focused on delivering sustainable and profitable growth for its shareholders,” the Prudential board says.