Resolution brings end to acquisitions and abandons Friends Life split

The life insurance consolidation vehicle, which has acquired Friends Provident, Axa UK Life and Bupa Health Assurance since 2009, recorded an operating profit before tax of £163m in the first half of 2012, down from £390m during the same period last year. It attributed the drop to lower than expected investment returns on the in-force book, and "disappointing" performance in its international businesses, although it also pointed out one-off benefits of £216m reported in 2011. Having already frozen activity for the past 18 months, it has now confirmed it will no longer seek acquisition...