RESOLUTION COMPLETES ACQUISITION OF WINTERTHUR LIFE

UK life consolidator Resolution Ltd said that its subsidiary Friends Provident Life and Pensions is due to complete its acquisition of Winterthur Life UK Limited from AXA UK on 30 November 2011. This transaction will conclude Resolution's acquisition of companies from AXA UK announced in 2010. The deal follows High Court approval on November 18 for the transfer of certain businesses to Friends Provident under a Part VII transfer scheme which is due to take effect from 1 December 2011. The transfer completes Resolution's cost savings drive for 2011 and will enable it to return a further £250m cash return to shareholders in 2012.