Resolution eyes two-way split
Wednesday 28 March 2012
Resolution shares tumbled towards the bottom of the stock market movers yesterday as the insurer unveiled plans to split the business in two by 2014.
Four years after it was founded to shake-up the financial sector via acquisitions of perhaps struggling fund managers, Resolution now says it would be better in half.
Two new listed entities will be borne out of the company that now owns Friends Provident, one an open business that tries to write new insurance policies and the other a "heritage" company – a "zombie" firm in the parlance not favoured by the industry.
This news came as Resolution reported results for 2011 a bit ahead of market expectations.
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