View more on these topics

Resolution completes acquisition of Axa UK Life business

trevor_Matthews.gif

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.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Can’t see the excitement myself – 2 struggling companies joined together in the hope they can integrate and save money – doesn’t sound like “shaping the future”.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com