Resolution eyes £800m in Axa

Clive Cowdery’s insurance consolidation vehicle, Resolution, is hoping to free up around £800m from the inherited estate of Axa’s UK business if its £2.8bn takeover goes ahead. Axa had previously sought permission from the Financial Services Authority to expatriate excess funds from the group’s with-profits life assurance portfolios over the next two years, and Resolution is understood to want to do the same. A source said the move would benefit both policyholders and shareholders.