J.P. Morgan Chase & Co. is shopping the life insurance and annuity business it acquired with Bank One, reports the Wall Street Journal on Monday. The paper basis its report on "people familiar with the situation," and explains the sale is a recognition that individuals do not want to buy all of their financial services from one seller.

The sales process is in "the early stages" the paper adds and the bank has yet to identify buyers or set a price.

Bank One purchased the business from Zurich Financial Services Group for $500 million six months before the bank's announced their merger last year. The insurance unit earned $48 million on revenue of $393 million in 2004, according to the paper.  

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