(Updates with shares in last paragraph.)
By Kevin Crowley
Nov. 11 (Bloomberg) -- 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.