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Royal London is upbeat on Pearl
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28 March 2008
The company today said net profit dropped to £181 million last year from £431 million in 2006. Group chief executive Mike Yardley acknowledged that tougher times had arrived but said the future remained bright.
He pointed to a surge in operating profit from £116 million in 2006 to £147 million as well as new business worth £61 million, up from £47 million.
Royal London also gave more details of what it expects from the Resolution deal. It became a party to the acquisition when Pearl Group, a critic of a proposed merger of Resolution and Friends Provident, launched an offer worth £4.5 billion.
Resolution shareholders have agreed the deal, which is not expected to close before the end of April.
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