Axa deal is sign of things to come, says Matthews
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Friends Provident chief executive Trevor Matthews says Resolution’s £2.75bn deal to buy Axa’s UK life business marks the sign of further consolidation in the UK life and pensions market.
The deal will see the merger of Axa’s UK life and pensions business with Resolution’s previous acquisition Friends Provident under the new brand Friends Life in 2011.
Speaking in a video interview with financial news website Cantos Matthews says: “This is the next logical step in the Resolution strategy to act as a catalyst for consolidation in the life and pensions market here in the UK.
“I think the UK life and pensions market has been crying out for consolidation for some time and this is the first step in this new wave of consolidation.”
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Readers' comments (4)
Evan Owen | 24 Jun 2010 3:06 pm
How many of us look back and say "I recommended this company or that company assuming it would still be around when the contract ended"?
Not that I ever bothered with AXA, Sun Life of whatever else is caught up in this Zombie fund. Oh yes, Equity & Law.
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Anonymous | 25 Jun 2010 10:36 am
Zombie fund?
This looks like ot going to be a new business giant. Combining best of breed products, service and proposition. Wake up to the future
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Simon Kershaw | 25 Jun 2010 11:30 am
Mr Anonymous 10.36am.
Are you Trevor Matthews? "..best of breed, products, service and proposition"
So funny.
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Anonymous | 29 Jun 2010 3:11 pm
It is one thing for the brands to consolidate but soon we will have only two or three back office's for the whole industry - all sharing a common service model
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