Resolution hit by 'below par' international trading and IT costs

Resolution, the FTSE-100 life insurer, has produced a mixed update, saying that new business profitability is continuing to improve, but that its international business is 'below par' and it will incur higher costs from IT updates.

Resolution, the FTSE-100 life insurer, has produced a mixed update, saying that new business profitability is continuing to improve, but that its international business is 'below par' and it will incur higher costs from IT updates.

The value of new business for the nine months to September 30th increased to £138m (September 30th 2011: £95m) and new business cash strain produced a loss of £172m (2011: 239m). The improvement in group new business performance was largely driven by the UK business, which targeted UK platforms and also cut costs.

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