November 12, 2013 / 7:22 AM / 4 years ago

Resolution new business flat as heritage arm offsets uk

LONDON, Nov 12 (Reuters) - British life group Resolution Ltd saw new business growth constrained by its Heritage business which offset a strong performance form the core UK unit.

In a trading statement on Tuesday, Resolution said the group wide value of new business slipped 1 percent to 136 million pounds during the first nine months of 2013.

Heritage was set up in 2011 to manage its “back book” of policies no longer sold to new customers.

The value of new business in the UK division was up 41 percent over the period, while the Heritage division posted a 13 million pounds loss, compared with 8 million pounds growth a year earlier.

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