UK insurance giant provides profits surprise

Resolution, the UK’s biggest manager of closed life insurance funds, today unveiled better-than-expected full-year results as it provided some welcome news for investors left disappointed when recent takeover talks were called off.

The group, which has grown at a rapid pace following the acquisition of Abbey National businesses including Scottish Mutual, Scottish Provident and Abbey National Life, posted operating profits of £390.9m (€578.8m), some £60m (€88.8m) more than analysts had been expecting.