Resolution's UK business value up 155%

Resolution Group has reported new business of £138m for the first nine months of the year, up 45% from £95m for the same period last year, led by the company's UK operations.

Total new UK business value increased to £102m, up 155% from £40m for the previous year, reflecting what the group says is a "step change" made to new business profitability in the UK arm to cut costs and improve efficiency. Corporate benefits were the main boost to sales. Resolution's target for UK cost reductions has been raised to £160m by end 2015, up from a previous target £143m. The group says 78% of this total has been secured. However the company said some IT problems related to the integration of Axa into the business had caused costs to increase by £35m, and other IT costs w...