Life insurer Resolution warns on full-year profitability

Fri May 9, 2014 2:15am EDT

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May 9 (Reuters) - British life insurer Resolution Ltd said it would miss its full-year profitability target due to the annuities market reforms announced by Finance Minister George Osborne in his mid-March budget.

Resolution, which buys underperforming domestic life insurers and merges them into a more profitable group, said it would not meet its value of new business target of 10 percent per annum. (Reporting by Richa Naidu in Bangalore; Editing by Robin Paxton)

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