Heritage arm dragging on Resolution

 
City A.M. Reporter
LIFE insurance group Resolution has seen new business growth constrained by its Heritage business, which offset a strong performance from the core UK unit, the firm announced yesterday.

Resolution said the value of new business slipped one per cent to £136m during the first nine months of 2013.

Heritage was set up in 2011 to manage its “back book” of policies no longer sold to new customers.

The value of new business in the UK division was up 41 per cent over the period, while the Heritage division posted a £13m loss, compared with £8m growth a year earlier.

“Our consistent strategy and focus on value is delivering and we are continuing to build on the momentum established in the first half of the year,” said chief executive Andy Briggs in a statement yesterday.