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UPDATE 1-Insurer Resolution gets $80 mln from Malaysia sale
January 7, 2013 / 9:52 AM / 5 years ago

UPDATE 1-Insurer Resolution gets $80 mln from Malaysia sale

LONDON, Jan 7 (Reuters) - 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.

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