Resolution sees 35pc sales rise at Friends Provident

City A.M. Reporter
Insurance-focused acquisition vehicle Resolution reported a 35 per cent rise in sales at its Friends Provident unit and said it was mulling both large takeovers and smaller bolt-on deals.

Resolution, which aims to build up a British life insurer valued at £10bn before selling or floating it in 2012, said Friends Provident had sales of £683m in the first nine months of the year.

The improvement was driven by Friends' international arm, where sales rose 31 per cent to £176m, while sales in the UK were flat at £294m.