Resolution's proposed acquisition of Friends Provident could kick-start life industry consolidation in 12 months time, according to Friends CEO Trevor Matthews.
A Life Consolidation Advisory Committee has already been established but Matthews says as Friends Provident is mid-way through a turnaround of the business, which began after a strategic review completed in early 2008, in could be a year before it can start consolidation. The plan is for Friends Provident to be the base for Resolution's consolidation plans which could involve acquiring two or three organisations, or parts of businesses. Its focus will be on open books of business, rather than the closed books Resolution has targeted in the past. Matthews says: "We're going through a...
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