London-based life insurance company Old Mutual on Thursday confirmed that the firm is looking for prospective buyers to dispose off its US life operations as the company is now set for a restructuring.

The FTSE 100 constituent now plans to venture in to asset management business in the US in the next three years.

Founded in South Africa 165 years earlier, Old Mutual is popular as the owner of the life insurance business Skandia and in the past it was often referred as confused business group with a lot of unrelated and non-strategic businesses in its kitty.

Chief Executive of Old Mutual, Juliana Roberts, who is currently in a move to shake up the company, said that now the group has set a clear strategy to create a "cohesive long-term savings, protection and investment group" based on the company's strength and capabilities.

The group, which announced a three per cent increase in its operating profit for the last year, currently holds a portfolio of £285 billion spread across the globe. The company has announced a dividend of 1.5p per share for the last year.