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Resolution has reported pre-tax operationg profits for the half year of £163m compared with £277m-7% below analysts' forecasts. Significantly, it is moving to a more conventional life company structure, will not be splitting into two companies representing closed and open books, and will not be seeking further UK acquisitions. The external management structure will be removed, founder Clive Cowdery will join the board, and Andy Briggs, head of Friends Life, will become chief executive of Resolution. |
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