Resolution full-year profits were down to £274m after increased integration costs hits returns, however the insurance operation raised its dividend to 6.3%.
Preliminary results for the year ended 31 December 2012 said the value of new business was up 28% to £194m, including a 125% increase in the UK division. The firm's CEO Andy Briggs (pictured) said the outfit's UK and heritage divisions were progressing "strongly" through their transformations albeit at a higher cost. Resolution generated £300m of 'free cash' in 2012 comfortably above the cost of the dividend, £284m, according to Barclays. Total revenue stood at £11.13bn, compared to £4.1bn in 2011. However, full-year profits were down to £274m from £681m for the previous year. It s...
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