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Resolution Life buys Swiss Life closed book

Closed fund administrator Resolution Life has bought the closed book of Swiss Life Groups UK business for 205m.
Resolution Life says the 750,000 in-force policies, which are mainly non-profit protection contracts such as term, life and disability assurance, have an imbedded value of 271m.
In September the company bought the closed book of Royal & SunAlliance for 850m and now owns closed funds with an embedded value of 1.6bn across 2.25m policyholders.
It also announces the appointment today of former economic adviser to the Prime Minister as a non-executive director.
Resolution Life chief executive Clive Cowdery says: “We look forward to welcoming Swiss Life (UK)s policyholders into Resolution where we focus on the active management of closed life funds.”

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