LONDON Jan 7 British life insurer Resolution
said it would get 50 million pounds ($80.18 million)
from the sale of its stake in a Malaysian joint venture, part of
an effort to streamline its business and boost profit.
Resolution has agreed to sell its 30 percent stake in AmLife
and AmFamily Takaful to Malaysia's Ambank Group because the
business required more investment than it was willing to
provide, it said on Monday.
Resolution, set up in 2008 to buy and merge underperforming
British life insurers, is now focused on boosting profits after
completing three acquisitions.
Resolution shares were down 0.2 percent by 0930 GMT,
narrowly outperforming Britain's FTSE 100 share index,
which was 0.3 percent lower. The stock fell 5 percent last year,
lagging a 5 percent increase for the wider market.
The proceeds of the Malaysian disposal include a payout from
a currency hedge, Resolution said.