Banking giant Lloyds is said to be open to offers for its life insurance assets in an attempt to balance their books.

Lloyds, which has been hard hit after a takeover of HBOS, has posted much sharper losses than was predicted and is hoping to capitalise on its life insurance arm.  The bank is looking to offload the sections of the group, which sell through independent financial advisors.

The company will also look to integrate the life insurance arm of the former HBOS, Clerical Medical, which they hope will strengthen their position within the pensions and savings field.

Lloyds, which also controls a similar operation through its subsidiary Scottish Widows, recently saw a spike in its share price and may well avoid a need to raise capital.  Lloyds shares now stand at over £1, which is a 50% increase in recent days alone.