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Resolution in talks to sell Lombard

Resolution has confirmed to the London Stock Exchange that it is in talks to sell Lombard.

It says there is no certainty that the discussions will result in a transaction being agreed and has not disclosed any of the counterparties to discussions.

Lombard comprises Lombard International Assurance S.A. and Insurance Development Holdings AG.

In its half year results to the end of June 2013, Resolution announced sustainable free surplus cash of £147 million and pre-tax operating profit of £191 million.

Luxembourg-based Lombard focuses on estate planning for high net worth individuals in Europe and manages €23.5bn

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