Resolution eyes admin savings

TAKEOVER specialist Resolution unveiled an outsourcing agreement aimed at boosting planned cost savings by 27 per cent and said financial turmoil in the Eurozone had brought it closer to doing deals there.

A 15-year deal to outsource the back-office functions of Resolution’s British life insurance unit to Diligentia, part of Tata Consulting, will deliver yearly savings of £143m by 2013, up from a previously-flagged £112m, it said yesterday. Resolution also said Eurozone banks and insurers had become more likely to sell unwanted businesses to raise capital and reduce debt