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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.”

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