Resolution has entered the offshore life insurance business after buying Abbey National for £3.6bn.
The sale includes Abbey’s two offshore life companies, Scottish Mutual International and Scottish Provident International Life Assurance as well as its onshore arms. Around 2000 Abbey employees will transfer to Resolution as a result of the sale. As of 31 December 2005 the UK and offshore life insurance businesses had £24.2bn of assets under management. Abbey will retain all of its branch-based investment and asset management business.
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