Source AP ©

Resolution increases 1st-half profit 31 percent

As British life insurer Resolution PLC won new business and profit from asset management rose, its first-half profit increased 31 percent.

Net income for the six months through June 30 rose to 170 million pounds (US$340.3 million; EUR245.4 million), from 130 million pounds in the same period a year earlier, the company said in a statement.

Profit from the asset management business climbed 71 percent to 24 million pounds (US$48 million; EUR34.6 million).

"New business and asset management profits were up strongly," Chief Executive Mike Biggs said.

Resolution agreed in July to buy Friends Provident in an all-share deal. Friends Financial, as the company will be known, will be worth about 8.6 billion pounds (US$17.2 billion; EUR12.4 billion).

Resolution shares gained 1.1 percent to 642.5 pence (US$12.86; EUR9.27) on the London Stock Exchange.