R&SA is selling part of its life business to Canada Life for £60m.
The sale of the group risk business is the latest instalment in R&SA's plans to raise £800m for its general insurance operations.
The deal brings the total raised so far to £420m.
The long-standing group risk business was marketed to employers, who bought a suite of products for their staff including benefits such as death in service cover and private health insurance.
R&SA had a market share of about 17% in the group risk business.
About 200 staff, most of whom are based in Bristol, will transfer to Canada Life.
Group chief executive Bob Mendelsohn said: "Group risk has been a very successful business for the group over the years, but, given our increasing focus on general insurance, we believe the time is right for ownership to
pass to a company which has a strong life focus."
