Resolution’s acquisition of Axa UK Life business, under Friends Provident, has been completed and former Axa directors David Hynam and Andy Parsons have been appointed to the Friends board.
The Friends Provident board and leadership team now have responsibility for the management of the day-to-day operations of the combined businesses.
Friends Provident chief executive Trevor Matthews continues in his role. Hynam, formerly chief operating officer at Axa, joins the board as executive director of operations.
Resolution says the role of chief financial officer, formerly held by Evelyn Bourke at Friends, has been split. Bourke is now executive director of strategy, capital and risk while Parsons has been appointed on an interim basis as executive director of finance.
A new organisational structure is being implemented to broaden the top level of management within the business. Market-facing units covering the likes of individuals and corporates are now being led by Graham Harvey and Paul McMahon, both of which have joined from Axa. The pair become members of the Friends Provident Leadership Team along with the CEO, the executive directors and the head of international for Friends Provident.
Resolution agreed to buy Axa’s UK life business in a £2.75bn deal under its previous acquisition Friends Provident in June this year.
The enlarged group, Friends Provident Holdings (UK) Limited, will have almost 6,000 employees. Friends Provident Holdings (UK) Limited is the company within the Resolution structure that will own Friends Life, the new brand name for the combined business. This is expected to be unveiled in early 2011.
Matthews says: “Today is an exciting day for the UK life assurance sector as combining the best of the best elements of our collective skills, people and propositions will make us one of the market leaders in our core businesses of corporate pensions and protection in the UK. Our combined organisation has a real opportunity to shape the future direction of the life and pensions industry in the UK. We are excited by the continued prospects for our business as the driving force in Resolution’s consolidation strategy in the life sector.”