Resolution profit rises by 59 percent

UK insurance buyout firm Resolution has reported a 59 percent increase in pre-tax operating profit which rose to £436 million in 2013, compared with £274 million in 2012.

In an overhaul of the company, founder Clive Cowdery and John Tiner will step down from the board and the company will be renamed as Friends Life Group.

Andy Briggs, group chief executive said: "The restructuring of the business is now complete. We have a sustainable business with a profitable base for future growth. We operate in attractive growth markets, focused on managing legacy life and pension products, and capturing value in the fast-growing retirement provision market. The Company continues to seek to maximise value from each part of the Group while retaining its focus on rigorous financial discipline. We remain focused on generating growth in both cash and returns while maintaining our strong capital base."

The company also said that Schroders will manage £12.2 billion of equity and multi-asset funds as part of a strategic partnership.