Life insurance merger

Thu, 26 Jul 2007

Friends Provident, one of the longest standing insurance and financial services institutions in the UK, revealed today that they would merge to create a major driving force in the insurance industry.

The merger, rumoured to be worth $8.6 billion, makes insurance history. Resolution – the largest owner of closed life insurance funds – will combine with the life and pensions company Friends Provident. Together, they will be known as the Friends Financial Group.

Their increased scale will have a significant impact on the life and pensions industry. However, the deal is not yet done. Potential rival bidders are in the picture, including Axa and Standard Life.

Friends Provident have approximately 2.5 million life and pensions customers.
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