Confirmation of Royal & SunAlliance's sale of its life division to Resolution Life Group has not been enough to keep the FTSE 100 index buoyant this morning as Lloyds TSB also reported its first-half earnings are down.
Royal & Sun Alliance Insurance Group has finally managed to sell its life assurance operation to Resolution Life – a company which buys with-profits books to trade and manage the assets in bulk – for £850m. This has boosted its share price by 1.25p or 2.3% to 79.75p however the FTSE 100 index is still down 12.8 points or 0.3% to 4405.9 within the first hour of trading. Lloyds TSB dropped 1p or 0.2% to 412.75p after reporting fiurst-half profits are down 6% evrn though it sold New Zealand and Brazil operations to focus on its home market. The FTSE All-Share index is also down 4.73 p...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
