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?

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