RSL29 Nov 2011 19:04
Resolution Limited ("Resolution" or the "Company")
29 November 2011
Update on delivery of capital synergies and separation from AXA UK
Resolution is pleased to announced that on 18 November 2011, the High Court approved a Part VII scheme ("the Scheme") to transfer certain businesses to Friends Provident Life and Pensions Limited, the main UK life assurance company owned by the Company's subsidiary, Friends Life Group plc ("FLG"). The Scheme will take effect from 1 December 2011 and completes the delivery of planned capital synergies for 2011 as set out in the Company's "UK Life Project - Cash and Capital Update" on 7 June 2011.
The delivery of these capital synergies was required to enable the Company to undertake a further £250 million cash return to shareholders in 2012, subject to market conditions and regulatory approvals.
The Company is also pleased to announce that FLG will acquire Winterthur Life UK Limited from AXA UK on 30 November 2011. This transaction, which completes the acquisition of companies from AXA UK announced in June 2010, follows completion of two other Part VII schemes to transfer out certain portfolios of business which the Company did not wish to acquire. From 1 December 2011, the Company no longer has any material operations classified as "held for sale".