Life insurance profit from Resolution

Tue, 03 Apr 2007

The largest manager of closed life insurance funds in the UK, Resolution, have today unveiled their full-year results.

Resolution have revealed better than expected profits, leaving investors more than satisfied. The life insurance giant has gone from strength to strength with the acquisition of a number of Abbey National businesses, including Scottish Mutual, Scottish Provident and Abbey National Life.

Their operating profits came in at over 390 million pounds, a full 60 million more than forecast by analysts. Resolution shares, which have fallen lately, climbed again by 2 per cent. The chief executive, Mike Biggs, reportedly commented: "The company continues to assess possible acquisitions and business combinations and has the scope to return capital to shareholders should it consider that the available transactions do not create sufficient value for them."
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