Resolution profits rise

City A.M. Reporter
Insurance consolidator Resolution reported stronger interim profits, driven by acquisitions, and said it was on course to hit its financial targets.

Resolution, created to buy underperforming UK life insurers and merge them into a more profitable whole, made a pre-tax operating profit of £390m in the six months to 30 June, up from 151 million pounds a year earlier, it said.

The improvement reflected a first contribution from Axa's life operations and specialist life insurer BHA, acquired by Resolution during the second half of 2010.

The company is paying a first-half dividend of 6.47 pence per share, an increase of 18.5 per cent.