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 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