New Resolution non-exec buys shares

Resolution non-exec Tim Wade's wife has bought shares in the insurance firm consolidator.

The 40,000 shares she bought are the only shares the couple own in Resolution. At 251.5p a share, they cost a total of £106,000.

Wade joined the Resolution board on 19 May and he is chairman of the audit and risk committee. Wade is also a director of Macquarie Bank International.

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In the first half of 2010, Resolution, which bought AXA's UK life assurance business in June for £2.75bn, reported an IFRS operating profit of £203m and "additional financial discipline" has seen Friends, snapped up last year for £1.9bn, contribute £211m. Resolution lost £7m a year ago.

New business profits jumped 153% at Friends to £81m, returns on new business rose from 10.7% to 15.1% and MCEV operating profit leapt 55% to £188m. Sales on an annual premium equivalent (APE) basis increased 42% to £458m.

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