This is by way of a Memo for the noticeboard.
This Resolution business buys-up distressed policies - so called Zombie Funds (really?), that have underperformed for the policy-holders.
The hope is that by cutting costs some good will come of it.........but you and I know that once someone else has control of your money, suddenly it starts to misbehave; like an nephew you never knew.
No doubt the magement will be full of Shareholder value and policyholder improvements, but I remain to be convinced and wonder why so many of our respected Institutions ever bothered with policies that didn't perform.....were they advertised as such, or given a great gloss as the salesmen collected their fees?

I don't see any comments here, (since 2005, and that was mine), but today RSL has been marked down by "ots" - such that/because the Co. has raised 600million by way of some City-deal (and a further 60m could be flagged before the end of Dec08.)...as I suppose this wipes out ordinary shareholders - but Let's hear from investors....eh?
Very Odd this - It's shown as the largest "loser" today, something like 100's% - yet the streaming data shows a tiny fall of 1% - yet the graph is the edge of a cliff - 6 down to 1 - which doesn't look like 1%.
DYOR
It seems to me this outfit has wrecked shareholder-value. Anyone that bought at 6 has seen their investment wrecked...Oh deary, dear.
+New Year Resolution: - get out before one of these cowboys lets loose a stray. Ho-Ho . . . . . Ho!

Anyone got a view or opinion on this co. ? I cannot seem to get a lot of information or research. It appears to have changed to a different beast to what it was. Chart looks interesting.

Any followers on here?

RNS Number : 4169S

Resolution Limited

21 November 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

20 November 2011

Resolution Limited ("Resolution" or "the Company")

Statement regarding recent press speculation

Resolution notes recent press speculation and confirms that, whilst it did investigate the possible acquisition of Phoenix Group Holdings ("Phoenix") with both Phoenix and its lending banks, these talks have terminated.

As part of its UK Life Project, Resolution continually investigates a variety of bolt-on opportunities. Any acquisition must have a strong financial case and enhance returns to shareholders. The hurdle to executing any particular transaction is therefore high.

The UK Life Project continues to progress well, as evidenced by the Company's market announcement on 9 November. This set out the Company's intention to return a further GBP250 million to shareholders in the first half of 2012 subject to the delivery of planned capital synergies expected to be delivered in 2011 and following regulatory approval. The announcement also set out an expected increase in aggregate 2011 dividend to 19.89 pence per share, outlined the strong progress being made towards the Friends Life new business targets and announced strategic initiatives in outsourcing and the decision to create an in-house asset manager within Friends Life.

Finally gone long here.

Cancellation of targeted £250 million capital return

The Company has determined that it would be inappropriate to make the £250 million capital return originally targeted for the first half of 2012 and consequently announces its cancellation.

This decision is based on the estimated capital position of the group as at the end of June 2012 and follows careful consideration of the expected future capital requirements of Friends Life Group against a backdrop of heightened investment, economic and regulatory uncertainty.

The group's capital position remains robust. Friends Life Group had an estimated IGCA surplus of £1.9 billion as at 30 June 2012. The Company's dividend policy remains unchanged.

The Company will provide a detailed update on its cash and capital position and associated sensitivities with its interim results on 15 August 2012.

Mike Biggs, Chairman of Resolution Limited commented: "I understand that shareholders will be very disappointed that the Board has concluded not to return a second £250 million of capital but it would be inappropriate to do so against the backdrop of heightened investment, economic and regulatory uncertainty."

Out @222.3p

I'm in at 212. I hope a wise move.

Good luck - I think I'll wait for the interims in August.

Anybody know why this one has gone down? Is it tied to oil news in any way?

parrisf - did you read the announcement (post 7 above) a bit more here - Resolution shares drop after cancelling investor payment

I assumed the first drop was the RNS. I wondered about the second drop. The one today. But you mean the second one was for the same reason.

Culmination of that plus the hit that the financials have taken in general today (AV -6.6%) etc?

Wednesday 15 August
Resolution (RSL), reports interim results.

Recent news: Last month, shareholders were disappointed to learn the company was scrapping plans to make a £250 million capital return originally targeted for the first half of this year.

It said the decision was based on the estimated capital position of the group as at the end of June and followed careful consideration of the expected future capital requirements of Friends Life Group against a backdrop of heightened investment, economic and regulatory uncertainty.

Analysts' expectations: It remains to be seen whether the return to shareholders will materialise this year and rumours of a split of the business persist. Charles Stanley's Clarke is maintaining his 'hold' position just ahead of the results, but is keeping his powder dry.

Valuation: The dividend yield is around nine

Half Yearly Report

Just closed @234.3 - 2 gaps to be filled and and I hope to buy back when the lower one has been filled.

Lower gap almost filled today.

Just gone long again - ex dividend Wednesday. 7.05p (yield 8.37%).

Nearly covered Wednesday's dividend.

Holding(s) in Company

Abbey National Treasury Services Plc > 3%

Discussions about sale of AmLife stake.

Resolution Limited (the "Company") confirms that its operating business Friends Life is in discussions on the possible sale of its 30 per cent stake in AmLife Insurance Berhad and AmFamily Takaful Berhad back to its joint venture partner, AmBank Group of Malaysia. The Company will update the market in due course.

A close above 230p / 200ma would be positive.

Third Quarter 2012 Interim Management Statement

Highlights

· Continuation of the strategy of value maximisation and cash generation
· Successful refinancing of the deferred consideration notes further de-risking cash flow to shareholders
· Final regulatory approval being sought for the intended sale of AmLife
· Strong operational progress continues in the UK and clear direction identified from strategic review of International

250 R/S area historically

Sale of 30% stake in AmLife and AmFamily Takaful to AmBank Group

Resolution Limited ("Resolution" or the "Company") announces that the sale of its 30% interest in AmLife and AmFamily Takaful to its joint venture partner, AmBank Group of Malaysia completed on 4 January 2013 (for a sale price of 245 million Malaysian Ringgits). As a result of the sale and the benefit of a currency hedge, Friends Life Group plc ("Friends Life") will receive cash of approximately £50 million.

Appointment of Chairman-Designate

RESOLUTION LIMITED NAMES SIR MALCOLM WILLIAMSON AS CHAIRMAN DESIGNATE

Resolution Limited is pleased to name Sir Malcolm Williamson as Chairman Designate. Subject to approval from the Financial Services Authority, Sir Malcolm will succeed Mike Biggs when he steps down as Chairman of the Company later this year following completion of the move to a more conventional, simplified governance structure, as originally announced on 15 August 2012.

As Chairman of Friends Life Group plc since February 2010, Sir Malcolm brings considerable experience and knowledge of the business. He has significant experience in the financial services industry, having previously been Chief Executive of Standard Chartered and of Visa International, Chairman of National Australia Group Europe and of Britannic Group, and Deputy Chairman of Resolution plc.

It is expected that Sir Malcolm will join the board of the Company when the membership of the boards of the Company and Friends Life Group plc are unified at the end of March 2013. The changes to the Company's board are subject to shareholder approval of proposed amendments to the Company's constitution. The new board will be chaired by Mike Biggs for an interim transition period, with Sir Malcolm as Deputy Chairman, Andy Briggs as Group CEO and Tim Tookey as Group CFO.

Publication of Circular and date of Chairman succession

Resolution Limited announces that a Circular and Notice of General Meeting to be held on 20 March 2013 has been published today. The Special Resolution to be put to shareholders proposes amendments to the Company's Articles which will, among other things, enable the Company to appoint UK resident executive directors and more UK resident non-executive directors to the board. If the Special Resolution is passed, the proposed composition of the Company's board of directors announced on 19 October 2012 will take effect from 28 March 2013. The election or re-election of these directors will be subject to shareholder approval at the Company's Annual General Meeting ("AGM") on 16 May 2013, with the exception of Mike Biggs, who will stand down as Chairman and non-executive director of the Company at the conclusion of the AGM. Sir Malcolm Williamson, Chairman Designate, will succeed Mike Biggs with effect from the conclusion of the Company's AGM on 16 May 2013, subject to shareholder approval.

Final results 26 March.

sp rising ahead of results.

Final Results

Improved cash generation, strong capital base, dividend up 6.3%
· Sustainable free surplus £300 million (2011: £291 million)
· Available shareholder cash £850 million (2011: £853 million)
· FLG IGCA surplus £2.0 billion, coverage ratio 214% (2011: £2.1 billion, 219%)
· FLG economic capital surplus(i) £3.4 billion, coverage ratio 182%
· Full year dividend per share 21.14 pence (2011: 19.89 pence); scrip dividend discontinued
· Full year dividend covered 117% by cash up‑streamed to Resolution holding companies
Continuing growth in new business
· Value of new business up 28% to £194 million, including 125% increase in UK division
· Group new business APE £1,211 million; UK division sales up 19% to £669 million (2011: £564 million)
Good financial performance
· IFRS based operating profit before tax of £274 million, £309 million excluding one-offs (2011: £681 million; £277 million, excluding one-offs)
· MCEV operating profit before tax of £382 million, £420 million excluding one-offs (2011: £517 million; £377 million, excluding one-offs)
Operating highlights
· Friends Life Investments successfully launched and now managing £11 billion of fixed interest assets
· Outsourcing deal with Diligenta completed and progressing well
· Run-rate savings of £86 million (2011: £45 million); 88% of the 2015 £160 million target secured
Simplified governance
· Streamlined governance including unified membership of Resolution Limited and FLG boards announced
· Operating agreement with Resolution Operations LLP ends 27 March 2013

Just added a few more @246.975

skin why the large fall in the sp, have they gone xd?

Yesterday 14.1p

Interim management Statement

New business profitability continues to grow

· Group value of new business ("VNB") up 9% to £38 million (31 March 2012: £35 million).
- UK division VNB increased by 30% to £35 million.
- Core International VNB up 11% to £10 million.
· New business cash strain improved by 33% to £(45) million (31 March 2012: £(67) million).
· Group PVNBP1 margin increased to 2.3% (31 March 2012: 1.8%), notwithstanding lower APE at £242 million (31 March 2012: £292 million).
· Five pension schemes auto-enrolled in the first quarter; further 18 schemes enrolled to date. Pipeline of new scheme wins more than double that at the same point in 2012.
Delivery of target cost savings on track
· Run-rate cost savings of £103 million delivered by 31 March 2013; 94% of 2015 £160 million target secured (31 December 2012: 88%).
Strong capital position maintained and continued focus on cash generation
· Insurance Groups Capital Adequacy surplus2 of £2.2 billion, representing a coverage ratio of 224% (31 December 2012: £2.2 billion, coverage 221%).
· Group available shareholder cash of £839 million (31 December 2012: £850 million), before payment of the £200 million final dividend to shareholders.

New highs again.

JP Morgan Cazenove Neutral 279.40 273.00 302.00 Reiterates

Berenberg Hold 0.00 287.10 270.00 285.00 Retains

2 year high.

Nomura Neutral 316.15 308.00 250.00 311.00 Upgrades

New high @324.90p

Interims on Thursday I believe.

Stan - 13th August - Financial calendar

hangon - any chance of a chart in the header?

Thanks Skinny, me getting mixed up with RSA

Half Year Results

Strong financial performance and improving cash generation

· Sustainable free surplus £147 million, up 23% (30 June 2012: £120 million)

· IFRS based operating profit before tax of £191 million (30 June 2012: £163 million)

· IFRS based operating earnings per share up 17% to 13.26 pence (30 June 2012: 11.32 pence)

· MCEV operating profit before tax of £214 million (30 June 2012: £235 million) reflects expected impact of long-term interest rate environment

Strong capital base underpins dividend

· Available shareholder cash £839 million (31 December 2012: £850 million)

· Group IGCA surplus(i) £2.1 billion, coverage ratio 222% (surplus at 31 December 2012: £2.2 billion, 221% coverage ratio)

· Economic capital surplus(ii) £3.7 billion, coverage ratio 192% (surplus at 31 December 2012: £3.5 billion, 194% coverage ratio)

· Interim dividend of 7.05 pence per share (30 June 2012: 7.05 pence per share)

Improving new business performance

· Strong growth in UK division; value of new business of £89 million, up 41% and at an IRR of 16.7%

· International division core value of new business £21 million (30 June 2012: £22 million) reflecting resilient performance in difficult markets

· Total Group VNB £97 million; Group new business IRR of 11.2%; Group margin increased to 2.8%

Operating highlights

· Successful recapture of an additional £7 billion of assets by in-house asset manager FLI

· Corporate Benefits performance exceeds expectations with 30% increase in VNB, strong pipeline of new schemes and auto-enrolling clients for the rest of the year

· £154 million of cost savings secured at 30 June 2013 (96% of 2015 target)

· Good progress made on delivering the International strategy with controlled exit from German manufacturing to be completed in third quarter 2013 and all other non-core exit actions completed

4 year high 342.40.

Just added here.

Canaccord Genuity Buy 322.75 328.00 325.00 355.00 Reiterates

Citigroup Neutral 315.15 318.70 261.00 314.00 Reiterates

Goldman Sachs Neutral 323.85 323.80 316.00 325.00 Reiterates

3+ year high @343.

4+ year high @356.80p

Q3 Interim Management Statement

Continued strong UK new business growth and resilient performance in core International division

· Strong growth in the UK division with value of new business ("VNB") up 41% to £133 million driven by good performance across all business units:

- Retirement Income VNB of £64 million, up 78% compared to prior year
- Protection VNB up 14% to £50 million
- Corporate Benefits VNB up 36% to £19 million with continued good progress on auto-enrolment; 146 schemes of 97 employers staged by the end of September
· Core International division results reflect resilient performance in challenging market conditions with VNB of £25 million (30 September 2012: £27 million)

· Group VNB at £136 million (30 September 2012: £138 million) including £(22) million VNB from the Heritage division and non-core International business

· Group PVNBP margin1 at 2.7% (30 September 2012: 2.4%), with UK division margin up at 4.5% (30 September 2012: 3.3%)

Strong capital position maintained and continued focus on cash generation

· The Group's capital position remains strong with an IGCA surplus2 of £2.1 billion

· Group available shareholder cash of £821 million (30 June 2013: £839 million)

Operational highlights

· 2013 run-rate savings target of £126 million achieved three months early

· New business sales in International non-core markets ceased in September 2013

· Programme to reallocate circa £2 billion of annuity reserves from the with-profits to non-profits fund completed in September

· Significant enhancements delivered across protection propositions

JP Morgan Cazenove Neutral 350.70 302.00 368.00 Reiterates

New 5 year high @380.20p

New high @381.50p

Final results 18th March.

Results for the year ended 31 December 2013

Resolution Limited

Results for the year ended 31 December 2013

Strong financial performance

· Sustainable free surplus £331 million, up 10% (2012: £300 million)

· Value of new business up 5% to £204 million (2012: £194 million), including 30% increase in the UK division

· IFRS based operating profit before tax of £436 million, up 59% (2012: £274 million)

· MCEV operating profit before tax of £489 million, up 28% (2012: £382 million)

Improved cash generation, strong capital base, increased dividend cover

· Available shareholder assets £917 million

· IGCA surplus(i) £2.2 billion, coverage ratio 238%

· Economic capital surplus(ii) £3.9 billion, coverage ratio 193%

· Full year dividend of 21.14 pence per share subject to shareholder approval (2012: 21.14 pence per share)

· Full year dividend covered 1.1 times by sustainable free surplus (31 December 2012: 1.0 times)

Operational highlights

· Successful restructuring of the business over the last three years is complete, £160 million of cost savings secured

· Successful delivery of key 2013 financial targets

· It is appropriate in this new phase to move away from a restructuring brand and therefore the Company will seek approval from shareholders to change the Company's name at the AGM to Friends Life Group Limited

· Completion of circa £2 billion with-profits annuity reallocation

· Investment mandates placed for commercial real estate and infrastructure loans

Strategic update

· A leading scale player in the attractive UK Life and Pensions market, primarily focused on the fast growing retirement market and skilled management of closed books

· Continued, disciplined focus on generation of cash and returns

· Progressive dividend to be considered when sustainable free surplus coverage of the ordinary dividend exceeds 1.3 times

· Major new strategic partnership with Schroders announced; £12.2 billion of equity and multi-asset funds to be managed on behalf of Resolution customers

· The Company will seek approval from shareholders to change the Company's name to Friends Life Group Limited

· Discussions regarding potential sale of Lombard are ongoing

Andy Briggs, Group Chief Executive said:

"The restructuring of the business is now complete. We have a sustainable business with a profitable base for future growth. We operate in attractive growth markets, focused on managing legacy life and pension products, and capturing value in the fast-growing retirement provision market. The Company continues to seek to maximise value from each part of the Group while retaining its focus on rigorous financial discipline. We remain focused on generating growth in both cash and returns while maintaining our strong capital base."

(i) Estimated
(ii) Estimated and unaudited

RBC Capital Markets Outperform 355.30 351.00 420.00 420.00 Retains

Canaccord Genuity Hold 355.30 351.00 375.00 375.00 Downgrades

Societe Generale Hold 304.75 - 350.00 Reiterates

Comment on budget proposals

Resolution believes that the impact of the Chancellor's proposals for greater choice in pensions will be far-reaching and the implications will take time to be fully understood.

There is a negative implication for new business flows in the individual annuity market, as some people utilise the increased flexibility provided by the Chancellor's proposals. However, we believe that annuities will continue to be an important product for those who value the guaranteed income throughout increasingly long retirement periods.

Overall we see the proposals as a positive for the retirement savings market. The increased flexibility for savers means the attractiveness of placing additional contributions into a pension has now increased. As the number 2 player in workplace Defined Contribution ('DC') pensions with around 2 million DC pension customers overall (estimated to hold 1 in 7 policies in the market), and with positive operational leverage in our Corporate Benefits business, Friends Life is well placed to benefit from these changes.

As highlighted at our Strategy Update this week, we have 1 in 9 retiring DC pension customers, and we are already working on expanding our transition to retirement propositions, including guidance and a broader range of products and services for our customers as they approach retirement. We remain well positioned for this key, fast growing market segment.

In 2013 our UK Retirement Income business contributed £4 million to our Sustainable Free Surplus ('SFS') of £331 million; the IFRS operating profit contribution was £30 million out of £436 million for the Group. In addition the business contributed £83 million to Value of New Business within Group MCEV operating profit of £489 million. Guaranteed Annuity Options, which in the current low interest rate environment are likely to continue to offer good value for customers, represented about half of our annuity new business volumes in 2013.

We do not expect the changes announced today to have any impact on our Heritage business or our Group MCEV of £6,065 million (as at 31 December 2013). Furthermore, we reiterate our guidance on the estimated £39 million uplift in Expected Return (a key component of our SFS generation) for the combined UK and Heritage divisions in 2014.

- Ends -

RBC Capital Markets Outperform 313.70 420.00 400.00 Retains

Credit Suisse Underperform 313.70 340.00 340.00 Reiterates

Barclays Capital Overweight 313.70 378.00 361.00 Reiterates

Barclays Capital Overweight 317.35 318.10 - 370.00 Reiterates

Bought a few of these on Friday. Nice lock away for the ISA at a decent yield.
Found this note from Charles Stanley:
Resolution (RSL: 318p) is one of several UK insurers to have reacted badly to one of the big surprises in the Budget, which gives pensioners more freedom to act as they see fit with their pension and, crucially, which removes the need to purchase an annuity (on the premise, presumably, that these have not performed particularly well in recent times). Over the last three sessions the shares have fallen by just shy of 15% and, as the chart shows, this has taken them straight through the uptrend that has defined the rally of the last year and a half. Unsurprisingly, this sudden weakness also leaves them looking extremely oversold – the 14-day RSI has slumped to a 52-week low of 24% - and it is difficult to believe that most of the bad news has not already been incorporated into the price. While it is never a good idea to try to catch the proverbial falling knife this is clearly a situation which is worth monitoring, and a close back above 325p will look promising.

Looking for support @270/280p.

free stock charts from uk.advfn.com

Response to FCA announcement

Resolution notes the FCA's announcement regarding a review of the fair treatment of long standing customers in life insurance. We look forward to receiving further details from the FCA.

We put all of our customers at the heart of our business and engage with them on a regular basis. In 2011, Resolution established Heritage, a standalone division with a dedicated management team specifically focused on meeting the ongoing needs of customers with legacy products.

An example of the benefits from this specific focus is the recent investments in the Heritage division, including the migration of our customers from legacy systems to a modern IT platform that will deliver improved customer service. The costs of these investments are borne by Resolution and do not fall to customers.

Life insurance has been and remains a highly regulated industry. It has undergone a series of independent reviews to ensure transparency and fair treatment of customers. We therefore look forward with confidence to working with the FCA once it issues official guidance.


- Ends -

Canaccord Genuity Hold 286.70 375.00 300.00 Reiterates

JP Morgan Cazenove Neutral 286.70 370.00 358.00 Reiterates

The chart looks dire - I'm taking quite a battering here.

Some support @270.

Deutsche Bank Buy 297.90 297.90 333.00 332.00 Upgrades

.

Happier now Skinny? A close and hold above 300 is needed here. That high dating back to last May is proving troublesome. After that it looks reasonable clear to 320.

It does seem reluctant to hold £3 - in the general area, I'm doing better with a recent purchase in PHNX - albeit a smaller holding.

CHANGE OF COMPANY NAME

Following shareholder approval received at the Company's AGM held earlier today, the Company has changed its name to Friends Life Group Limited, completing the unification of the listed and UK trading brands.

Trading in the Company's shares on the main market of the London Stock Exchange under the new name, Friends Life Group Limited, will take effect from 7am on 9 May 2014, when the Company's TIDM (stock exchange ticker) will change to FLG.

The Company's website will change to www.friendslifegroup.com.

At the same time, the Company's subsidiary, Friends Life Group plc, the issuer of the company's listed debt, has changed its name to Friends Life Holdings plc.

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