BusinessBusiness RecoveryEquitable Life denies administration talks

Equitable Life denies administration talks

Troubled life insurance group Equitable Life has dismissed reports it is close to appointing Deloitte & Touche as administrator.

Link: Equitable Life FD defends accounting policy

In response to an article in this weekend’s Sunday Times, which claimed the company had already begun talks with Deloitte to appoint the firm as administrator, Equitable said in a statement:

‘Equitable Life has not drawn up any plan for administration. Furthermore, it has no plan to appoint Deloitte & Touche or any other firm as administrator.’

The company added: ‘Equitable Life is and always has been solvent.’

A spokesman from Deloitte declined to comment on what it called ‘client affairs’ as its actuarial division, B&W Deloitte, has recently completed a report on GAR policyholders for Equitable Life.

Since 8 December 1999 Equitable Life, the world’s oldest mutual life assurer, has ceased writing new business and operates only as a closed fund.

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