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Resolution new business rises 20 per cent

Resolution announced that new business profits grew 20 per cent to £30m compared to the second half of 2006 in its interim results released today.

Its asset management arm grew 70 per cent to £24m while third party sales were 142 per cent higher at £1bn.

European embedded value operating profit amounted to £395m in the first half of 2007 compared to £118m in the first half of last year.

Estates in Scottish Mutual and Scottish Provident with-profit funds increased by over £350m which Resolution said was primarily due to asset-liability management.

Group chief executive Mike Biggs says: ““These are good results benefiting from the delivery of synergies from past transactions and our expertise in managing in-force life assurance portfolios. New business and asset management profits were up strongly.

“The merger with Friends Provident will deliver significant benefits to both our customers and shareholders and we are making good progress with our plans to integrate the businesses.”


Northern Rock encouraged by intermediary support

Northern Rock sales director Mark Robson claims the company has received “overwhelmingly positive” feedback from its key intermediary contacts following assurances that the company remains fully operational.

Northern Rock chairman attempts to reassure customers

Northern Rock chief executive Adam Applegarth last night issued a statement to customers, through newspapers and its website, offering its reassurance over their investments. Applegarth said the bank was open for business as usual and insisted that all deposits are safe, with full backing from the Bank of England.The statement reads: “May I begin by […]

Income innovation

Income protection insurance Roger Edwards, product director of Bright Grey, considers criticisms of the industry’s record in the income protection sector and looks at ways to bring improvements to the product area


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