Resolution (RSL), a Guernsey-based investment firm and parent company of Friends Life, is currently in discussions to sell its Lombard wealth management division.

Luxemburg-based Lombard is a provider of unit-linked life assurance, which offers wealth planning solutions to consumers.

The division offers its services in collaboration with a distribution network of private banks, wealth managers and independent financial advisers.

The Lombard division contains Lombard International Assurance and Insurance Development Holdings.

The division was first purchased by Friends Life’s predecessor, Friends Provident, for €265 million (US$356 million) in 2004 to boost life insurance revenue from wealthy clients.

The current discussions may or may not lead to a sale, said the firm, which did not reveal the potential buyer.

Earlier in 2008, Friends Provident held discussions with London-based private-equity firm CVC Capital Partners to sell the division, which failed.