UPDATE 1-Resolution says restructuring over, signs fund deal with Schroders

Tue Mar 18, 2014 5:39am EDT
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* Value of new business up 5 pct to 204 mln stg

* IFRS operating profit before tax up 59 pct to 436 mln stg

* Full year dividend 21.14 pence

By Chris Vellacott

LONDON, March 18 (Reuters) - British life insurer Resolution achieved a 59 percent jump in pretax operating profit last year, it said on Tuesday, as it heralded the completion of its restructuring and signed a fund management deal with Schroders.

The firm, set up by entrepreneur Clive Cowdery to buy underperforming life insurers, said it would adopt its Friends Life brand, dropping the Resolution name, while Cowdery will step down as a non-executive director.

In an earnings statement, Resolution said it had met key financial targets for 2013 and achieved 160 million pounds of cost savings during a three year restructuring. It is now focused on establishing itself as a "leading scale player" in Britain's life and pension market.

"It is appropriate in this new phase to move away from a restructuring brand," the company said.

The group also said it was transferring management of 12.2 billion pounds ($20.3 billion) of its clients' equity and multi-asset funds previously run by F&C Asset Management to Schroders   Continued...