MARCUS BARNARD | ORIEL SECURITIES
These results look fine and the decision to separate the heritage book will focus management’s responsibilities in the right areas. One highlight was the dividend, as Resolution said it would pay the same amount of dividend following the buyback across the lower number of shares in issue.
TREVOR MOSS | BERENBERG BANK
This business is undergoing extensive surgery and there are a lot of moving parts. There are a lot of costs still to come in before you will see the full benefits, but they seem to have made a lot of strategic progress. Underlying profit was about £170m once a £222m reserve release was taken into account.
JONATHAN JACKSON | KILLIK & CO
Today’s announcement is reassuring and demonstrates Resolution’s ability to improve operational performance and release cash from the UK life industry. Though it alluded to the recent volatility in investment markets, the group is one of the more defensive players in the sector.