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Resolution to return £500m to shareholders

Resolution will return £500m of excess cash to shareholders in order to exclusively focus on its UK life project.

The firm will return £250m via an on-market share buyback which will begin tomorrow. The other £250m will be returned in the first half of 2012, following receipt of necessary approvals and subject to the delivery of planned capital synergies of £235m expected to be delivered in 2011.

Resolution says its distributable cash target remains at £400m per annum after interest from 2011 without reducing the market value costs of Friends Life.

Resolution chairman Mike Biggs says: “Today we have sent out our clear and transparent capital framework for the enlarged group. This along with our strategy statements in February and our results in March have highlighted the strong value potential from the UK Life project.”

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  1. Exasperated me 7th June 2011 at 3:33 pm

    “Clear and transparent”

    Pity the poor policyholders.

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