Resolution wins High Court approval for reshuffle

Life assurance group Resolution said the High Court has approved its scheme to transfer certain of its businesses to Friends Provident Life and Pensions Limited, the main UK life assurance company owned by the company's subsidiary, Friends Life Group.

The transfer will enable the company to undertake a further £250m cash return to shareholders in 2012, subject to market conditions and regulatory approvals.

The scheme will take effect from 1 December and completes the delivery of planned capital synergies for the year as planned by the company.

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Friends Life Group is also set to acquire Winterthur Life UK from AXA UK on 30 November 2011, the final transaction in a series of acquisitions of companies from AXA UK announced in June 2010.

NR