Resolution-Axa talks continue this week

Talks between Resolution and Axa continue this week, as the Clive Cowdery-led group looks set to agree terms with the French insurer for the £2.8bn purchase of its UK life operation.

Sources close to Resolution sought to play down suggestions of "a done deal" over the weekend, saying further talks would happen on Monday.

If successful, Resolution plans to merge the Axa unit with the Friends Provident business it bought last year. Resolution is also rumouredto be looking to buy Prudential's UK business.