Life insurance consolidator Resolution Ltd has finalised its takeover of Axa UK Life. Resolution, which also bought up insurance provider Friends Provident last year, is based in the Channel Islands, and is paying up to GBP2.75 billion for the life insurance arm of Axa.
Denis Duverne, deputy chief executive of Axa, commented "This transaction is instrumental in our strategy of further optimising capital allocation within the group while focusing our operations on the higher margin and higher growth segments of the UK life and savings market ."
The acquisition of Axa UK Life by Resolution, which led to the suspension in trading of Resolution's ordinary shares from the London Stock Exchange, has been called a reverse takeover .
There have also been a few changes within the company due to the deal. Although Trevor Matthews will remain as chief executive officer of Friends Provident Holdings, David Hynam has been appointed as executive director of operations for Friends Provident Holdings, and Andy Parsons will become interim finance director. Both Hynam and Parsons previously worked at Axa.
Resolution provided a statement on the moves: "A new organisational structure is being implemented which will broaden the complement of top management in the business."
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