Scottish Widows — part of Lloyds Banking Group — is considering buying Zurich’s platform, according to a report in Money Marketing.

A deal would see Zurich UK Life become a protection-focused business, the report said.

Zurich’s platform has grown from £7.7 billion assets under administration in the fourth quarter of 2013 to around £23.9 billion in first quarter of this year.

The platform has a mixture of workplace and advised assets with the majority held in the pension wrapper, the report said.

Zurich and Scottish Widows said they do not comment on market speculation.