Resolution sees its sales rise and costs shrink as planned
INSURANCE acquisition vehicle Resolution reported an eight per cent sales rise in the first quarter of 2012 as growth in Britain offset a downturn overseas.
The FTSE 100 firm, created in 2008 to buy underperforming British life insurers and merge them into a more profitable whole, announced total sales of £292m in the three months to March, up from £270m a year earlier.
Resolution – which now focuses on streamlining existing businesses rather than new takeovers – also confirmed that it remains on track to meet its target of £143m savings by the end of 2015.
“The UK business is benefiting from the financial discipline bought to the acquired businesses,” chairman Mike Biggs said.
In March the group announced plans to split itself in two after recording year-end losses of £268m.