SUN LIFE and Provincial Holdings, which owns 83 per cent of the New Ireland group, is to seek a share listing on the London Stock Exchange through the sale of a minority share holding.

It expects to raise around £500 million and details of the issue will be made "in due course", the company said.

New Ireland will be unaffected by the move. Since last year it has participated in the new profit area which incorporates Britain and Ireland. Mr Frank Casey, New Ireland's group managing director and acting chairman, is already part of the management committee.

He will be a director of Sun Life and Provincial, the new company set up by French insurance group, Compagnie UAP, to operate its British and Irish interests.

Sun Life and Provincial Holdings also owns Sun Life, one of the top five British life assurance companies, and UAP Provincial, the 13th largest non specialist British general insurer. The French parent also has quoted subsidiaries in Germany (Colonia Konzern) and in Belgium (Royale Belge).

The London listing is seen as enhancing the identity of the company.