Resolution posts profit and eyes new acquisitions

City A.M. Reporter
Insurance buyout vehicle Resolution said on it would hunt out further acquisitions in a consolidating sector, as it posted an interim profit compared to a loss a year earlier.

Resolution made an operating profit before tax of £203m for the six months ending June, compared to a loss of £7m a year earlier.

Its earnings were driven mainly by profits at the Friends Provident insurer which Resolution acquired last year.

In June, Resolution clinched a deal to buy AXA's UK life insurance business and the company said it would examine further acquisition opportunities.

The world's top insurers are jostling to strengthen their position in a consolidating market, and earlier this week Aviva rejected a £5bn bid approach from rival RSA for some of its core general insurance units.

"The company continues to target further life company acquisitions to both increase scale and build market leading positions in protection, workplace savings and annuities," Resolution said in a statement.