Old Mutual Plc has hired JPMorgan Chase & Co. to consider a sale of its U.S. life insurance business and has found several possible buyers, the Financial Times said, citing unidentified people familiar with the situation.

Unrealized losses at the U.S. unit narrowed to $600 million at Sept. 30, 2009, from $2.3 billion as of Dec. 31, 2008, and the company said in November it expected to inject up to $300 million to boost its capital, the newspaper reported. Chief Executive Officer Julian Roberts is conducting a strategic review of the life insurance and banking group, the FT said.

A spokesman for Old Mutual declined to comment when contacted by telephone today.

To contact the reporter for this story: Lindsay Fortado in London at lfortado@bloomberg.net

By Lindsay Fortado
Last Updated: February 20, 2010 12:44 EST