Buyout vehicle Resolution will continue to target further life company acquisitions after posting pre-tax profits of £203m in the first half of the year.
The group said in a statement it hopes to announce a new deal in the middle of 2011 following the acquisition of Friends Provident and, in a deal worth £2.75bn, Axa UK's life assurance business earlier in 2010. Clive Cowdery's UK Life Project aims to build an industry leader with £10bn worth of life insurance policies by 2013, before spinning the business off in the stock market. Resolution made an operating profit before tax of £203m for the six months ending June, compared to a loss of £7m a year earlier. Earnings were driven mainly by £211m profits at Friends Provident. The com...
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