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Business surges for Resolution

Resolution saw a 150 per cent growth in its asset management business in the first half of this year.

The company recorded profits of 14.5m in its asset management business compared with 5.8m in the six months to December 31, 2005.

Overall operating profits rose by 35 per cent to 116m compared with 86m in the last half of 2005 on a European embedded value basis.

The interim dividend rose by 15 per cent to 6.64p per share from 5.77p in 2005.

Group chief executive Paul Thompson says he expects the UK life sector to consolidate further and says Resolution will play an active part in this, suggesting that the company is on the lookout for further acquisitions of closed life and pension funds.

Abbey’s UK and offshore life businesses which were acquired by Resolution in June were not included in the latest results.

Group chief executive Paul Thompson says: “Our life company, asset management and service company profits all moved ahead in the first half, underpinning an increase in dividend growth to 15 per cent per annum.

“We are well advanced in our delivery of the 38m per annum of cost and asset management synergies targeted from the merger of Britannic and Resolution last year.”

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