Resolution Revenue Climbs 23% on Friends Provident Wealth Management Unit

Resolution Ltd., the insurance buyout firm founded by Clive Cowdery, said third-quarter revenue rose 23 percent as sales at its European wealth-management division more than doubled.

Revenue at the Friends Provident division was 225 million pounds ($363 million) for the three months to Sept. 30, compared with 183 million pounds a year earlier, the Guernsey, Channel Islands-based company said today in a statement. Sales at Lombard, Friends Provident’s wealth-management unit, climbed 176 percent to 78.2 million pounds.

“The Lombard business has benefitted throughout the year from the improving market conditions and returning client confidence across a number of its markets,” Resolution said in the statement.

Resolution last month agreed to buy Bupa Health Assurance Ltd., its third acquisition in the U.K. life-insurance market since its initial public offering in December 2008. The firm, which also owns Friends Provident and Axa SA’s U.K. life- insurance unit, plans to build a life insurer worth about 10 billion pounds in the next two years.

Resolution shares rose 0.6 percent to 248 pence as of 8:05 a.m. in London.

To contact the reporter on this story: Kevin Crowley in London at

To contact the editor responsible for this story: Edward Evans at;

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.