A quartet of insurance giants, including Resolution, considered mounting a multi-billion pound break-up bid for rival Aviva.
Talks took place between Clive Cowdery's consolidation vehicle, RSA, Zurich Financial Services and Allianz, according to The Times.
Under the plan, Resolution would have acquired the domestic life and pensions business and Aviva Investors - while RSA would have secured the general insurance arm, and Zurich and Allianz would have divided the European and Asian businesses.
The talks fizzled out because Resolution could not achieve a satisfactory valuation, and the division of assets was not agreed.
RSA, which had a £5bn bid rejected for Aviva's general insurance arm, is thought to remain interested in the division, the paper says. It also says Resolution continues to circle the insurer.
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