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£1.6Bn war chest as Resolution seeks more acquisitions

Resolution plans to grow its protection proposition and may set up a shareholder-owned annuity company in 2007 to retain vesting pension funds.

It remains on the look out for acquisitions despite revealing recently that it is no longer in talks with rivals about a possible trade sale.

The group has an estimated surplus of £1.6bn for acquisitions and says it is developing a strategy in 2007 to increase capture of vesting pensions from Resolution companies.

The group posted an IFRS operating profit of £532m in 2006 compared with £180m in 2005, including post-acquisition profit of £158m from Abbey’s life businesses.

On the protection side, Resolution says it will complete its e-processing platform by the end of June 2007 and is developing new products.

Group chief executive Mike Biggs says: “Acquiring the Abbey life companies doubled our size, making Resolution one of the biggest managers of UK life insurance portfolios. Profits are coming through strongly and we anticipate an even higher return from that acquisition. The strength of these results and sustainability of returns going forward provide a strong platform for growth.”

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