Buyout vehicle Resolution expects to have £500m of excess cash to return to shareholders over the next 12 months after completing its work examining the cash and capital position of Friends Life, its new proposition formed from the merger of Friends Provident and Axa's UK life and pensions business.
The cash falls into two components: excess cash currently held at the Guernsey top company, which is being returned immediately by way of a £250m share buyback; and surplus cash expected to ...
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