Resolution plc
From Wikipedia, the free encyclopedia
| Resolution plc | |
 |
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| Type | Public (LSE: RSL) |
|---|---|
| Founded | 2005 |
| Headquarters | London, UK |
| Key people | Clive Cowdrey, Chairman Paul Thompson, CEO |
| Industry | Insurance |
| Revenue | £5,152.2 million (2006) |
| Operating income | £482.3 million (2006) |
| Net income | £531.3 million (2006) |
| Employees | 1,545 (2005) |
| Website | www.resolutionplc.com |
Resolution plc (LSE: RSL) is a UK insurance company headquartered in the City of London. It was formed in September 2005 from the merger of Resolution Life Group Limited and Britannic Group plc. As of 2006 it has over £60 billion of funds under management. In September 2006 it was promoted to the FTSE 100 Index, which is comprised of the hundred largest companies on the London Stock Exchange by market capitalisation.
The Resolution Life group was formed in 2004 to provide a vehicle for life funds that have been closed to new business, but have liabilites extending many years into the future, nicknamed zombie funds [1]. The first purchase was the life insurance business of Royal & SunAlliance, followed by the purchase of Swiss Life's UK business.
In 2005 Resolution Life merged with the FTSE company Britannic Group, who had closed to new business in 2003. The merged company made a long-term agreement with the outsourcing company UISL to provide administration for Resolution's policies.
In 2006 the merged group bought the life business of Abbey National, a transaction that brought entry into the FTSE 100.
On March 28, 2007, Private Eye reported that the main beneficiaries of this practice are the managers; Cowdrey has made himself £100million while increasing charges and predicting lower returns for policyholders. High exit charges trap policyholders in funds which do not appear to be run for their benefit. Labour MP Paul Flynn is demanding an ivestigation by the financial regulator.
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