Resolution life profits climb as Friends deal looms

Non-profit and unit-linked operating profits rose £212m to £300m from the first half of 2006, following the acquisition of Abbey’s life business, which comprises of Phoenix Life Assurance and Scottish Provident, in September 2006. New business contributed 7% to the life business, which reached £57m and the value of new business premiums hit £448m. The group achieved £102m of new annuity business in the first half of the year. Resolution says it expects its annuity subsidiary, Phoenix Pensions, launched this year, to generate more than £900m a year of maturing pension funds over the next ...