LONDON (dpa-AFX) - Resolution Ltd (RSL.L) Wednesday released the financial results for the half-year ended 30th June 2012, reporting a sharp decline in IFRS based operating profit before tax for the period I comp0arison with the corresponding period last year, negatively impacted by lower expected investment returns on the in-force book and a disappointing performance in the international businesses, partly offset by reduction in costs of new business.
The company reported IFRS based operating profit before tax for the first half of 163 million pounds, sharply lower than IFRS based operating profit of 390 million pounds reported for the corresponding period last year.
On IFRS basis, the company reported a net loss after tax of 58 million pounds for the first half of 2012, compared with profit after tax of 45 million pounds reported for the same period last year.
Operating Profit before tax, on MCEV basis, increased to 235 million pounds in the first half of 2012 from 180 million pounds reported for the year-ago period.
The company declared an Interim Dividend of 7.05 pence per share for the period, supported by underlying cash generation from operational improvements and a robust balance sheet.
The company further confirmed that, based on the advice of Resolutions Operations LLP, it will not pursue acquisitions and will continue to to focus on securing maximum value from each part of the Group.
Resolution added that Sir Malcolm Williamson will be named as the Deputy Chairman of the Company, while Mike Biggs will continue to be the Chairman of the company. In addition, Andy Biggs has been appointed as the CEO of the company and Trim Tookey will assume the role of the CFO of the company.
Copyright RTT News/dpa-AFX
© 2012 AFX News
