LONDON, March 18 British life group Resolution
achieved a 59 percent increase in operating profits last
year as the company heralded the completion of a restructuring
and mooted a rebrand.
Resolution, set up in 2008 by insurance entrepreneur Clive
Cowdery to buy, merge and sell underperforming life insurers,
plans to apply its Friends Life brand to the listed group, it
said in an earnings statement on Tuesday.
In a separate statement, the group said Cowdery, and John
Tiner, will not be standing for re-election as non-executive
directors at the company's shareholder meeting in May.
The group said its free surplus stands at 331 million
pounds, up 10 percent from a year earlier while the value of new
business rose 5 percent.
Resolution said it had met its key financial targets for
2013 and had achieved 160 million pounds f cost savings during a
three year restructuring of the business.
The full year dividend was unchanged at 21.14 pence per
share, covered 1.1 times by the sustainable free surplus and the
group said it would consider paying out more to shareholders
when coverage exceeds 1.3 times.