Equitable Life, the UK life insurer, has been forced to demutualise and put itself up for sale following a House of Lords ruling that will cost the mutual £1.5bn (€2.4bn).

Equitable Life had initiated a test case in court to settle the legality of its decision to cut the final bonus paid to policyholders of its Guaranteed Annuity Rate. The bonus policy was different for other Equitable Life members.