(RSL.L) Resolution Ltd Buy/Sell

RNS Number : 3273I Resolution Limited 09 March 2010

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuer Resolution Limited

of existing shares to which voting rights are attached:ii 2 Reason for the notification(please tick the appropriate box or boxes):
An acquisition or disposal of voting rights X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify):
3. Full name of person(s) subject to the Aviva plc & its subsidiaries

notification obligation:iii
4. Full name of shareholder(s) Registered Holder:

(if different from 3.):iv
BNY Norwich Union Nominees Limited 18,958,672*

BT Globenet Nominees Limited 27,478*

Chase (GA Group) Nominees Limited 118,282,577*

Chase Nominees Limited 3,811,242*

CUIM Nominee Limited 4,372,317*

Vidacos Nominees Limited 38,398*
* denotes direct interest

BNP Paribas - London 1,037,327

Chase Nominees Limited 21,449,699
State Street Nominees Limited 12,674,332

Vidacos Nominees Limited 21,915,647
5. Date of the transaction and date on 08 March 2010

which the threshold is crossed or reached:v
6. Date on which issuer notified: 09 March 2010
7. Threshold(s) that is/are crossed or 5% to 6% Change at Direct Interest Level

reached:vi, vii

8. Notified details: A: Voting rights attached to sharesviii, ix
Class/type of Situation previous Resulting situation after the triggering transaction
shares to the triggering
transaction

if possible using the ISIN CODE
Number Number Number Number of voting % of voting rightsx
of of of shares rights
Shares Voting
Rights
Direct Directxi Indirectxii Direct Indirect
Ordinary Shares 51,738,992 51,738,992 202,567,689 145,490,684 57,077,005 6.03% 2.37%

B: Qualifying Financial Instruments Resulting situation after the triggering transaction
Type of financial Expiration Exercise/ Number of voting % of voting
instrument datexiii Conversion Periodxiv rights that may be rights
acquired if the
instrument is
exercised/ converted.

C: Financial Instruments with similar economic effect to Qualifying Financial Instrumentsxv, xvi Resulting situation after the triggering transaction
Type of financial Exercise price Expiration datexvii Exercise/ Number of voting % of voting rightsxix, xx
instrument Conversion rights instrument
periodxviii refers to

Nominal Delta

Total (A+B+C) Number of voting rights Percentage of voting rights
202,567,689 8.40%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable:xxi The voting rights are managed and controlled byAviva Investors Global Services Limited, with the following chain of controlled undertakings:- Aviva Investors Global Services Limited:
· Aviva plc (Parent Company)
· Aviva Group Holdings Limited (wholly owned subsidiary of Aviva plc)
· Aviva Investors Holdings Limited (wholly owned subsidiary of Aviva

Group Holdings Limited)
· Aviva Investors Global Services Limited (wholly owned subsidiary of

Aviva Investors Holdings Limited)

Proxy Voting:
10. Name of the proxy holder: See Section 4

11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights:
13. Additional information: Figures are based on a total number of voting rights of 2,412,451,145.
14. Contact name: Neil Whittaker
15. Contact telephone number: 01603 684420

This information is provided by RNS The company news service from the London Stock Exchange

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RNS Number : 3104I Resolution Limited 09 March 2010

9 March 2010

RESOLUTION LIMITED

Registered Office: Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands

Company Number: 49558

Acquisition Balance Sheet Update (Unaudited)

Resolution Limited has prepared its completion acquisition balance sheet of Friends Provident group as at 4 November 2009. The balance sheet, which is unaudited, reflects the alignment with the European Insurance CFO Forum Market Consistent Embedded Value Principles ("MCEV Principles") issued on 9 October 2009.

The principal points arising from the completion balance sheet comprise:

· The Friends Provident Embedded Value acquired by Resolution Limited was £3,070 million at 4 November 2009 on a MCEV basis ("Acquired Embedded Value").

· The offer announced for Friends Provident plc was £1,858 million which represented 60.5 % of the Acquired Embedded Value, compared to the 69% announced at the time of offer.
· There is no material impact from the review of operating assumptions. Increased provisions in respect of adverse persistency were offset by releases as a result of reduced expenses.
· The post acquisition review of assets and liabilities at the date of acquisition increased the Acquired Embedded Value by £86 million.

· The inclusion of an illiquidity premium and alignment with other MCEV Principles increased the Acquired Embedded Value by circa £150 million.

· At the date of completion, the aggregate of the Acquired Embedded Value and the Resolution Limited net assets was equivalent to £1.40 per ordinary share.

· Resolution Limited's IFRS gain on acquisition was £1.2 billion.

Bases of preparation

In preparing the acquisition balance sheet, Resolution Limited has conducted a review of the operating assumptions of the business and of the assets and liabilities of the business at the acquisition date. The company has also applied the MCEV Principles established by the CFO Forum, including allowing for an increased illiquidity premium in the valuation of the cash flows from the annuity business.

Review of Operating Assumptions

The review of operating assumptions highlighted two main areas for which the long term assumptions have been revised which, in aggregate, have resulted in no material overall effect.

Persistency experience in the second half of the year was consistent with the experience seen in the first six months of 2009. In light of this experience, the assumptions have been revised to take account of the long term trend in persistency levels and also the expected shorter term impact of the current economic downturn. Aggregate gross of tax assumption changes of approximately £140 million in respect of persistency will be charged to Embedded Value Operating Profit in 2009.

The expense assumptions have also been revised to reflect the achieved cost savings already announced and the allocation of all recurring expenses (including corporate costs) to individual product lines in accordance with the MCEV Principles. The gross of tax improvement arising from the change in expense assumptions of approximately £150 million offsets the 2009 persistency charge and there is therefore no material overall impact from the change in operating assumptions.

Review of Asset and Liabilities

The review of the value of MCEV assets and liabilities, at the acquisition date, confirmed that there were no unexpected changes from the items identified as part of the company's pre-acquisition due diligence. Two material adjustments were identified during due diligence: the value of tax liabilities was reduced by £107 million to reflect the applicable rate of tax for the Friends Provident International business, offset by a reduction in the gross value of deferred tax assets totalling £26 million. The former is taken below the Embedded Value Operating Profit line and the latter will be charged to Operating Profit in 2009.

Overall the review of these balance sheet assets and liabilities resulted in an increase of £81 million in Friends Provident's Embedded Value profit, gross of tax and a net of tax of £86 million in the Embedded Value.

Alignment with updated MCEV Principles

The alignment with the updated MCEV Principles established by the CFO Forum resulted in an increase of circa £200 million gross of tax, £150 million net of tax, in the Friends Provident's Embedded Value. Aligning with MCEV Principles entailed including an illiquidity premium in the Acquisition Balance Sheet of 75bps, increasing the allowance for Non Hedgeable Risk and changing the reference rate from gilts to swaps.

In addition, the calculation of the existing business contribution will reflect a lower earned rate as the reference rate is based on a one year yield instead of a long term average yield. Overall, the impact of aligning with the MCEV Principles is a reduction of circa £65 million (gross of tax) in full year Operating Embedded Value Profit. The lower earned rate will result in a corresponding increase in the economic variance component of total Embedded Value Profit.

Acquisition Balance Sheet Valuation

The transaction was announced on 11 August 2009 at an estimated consideration of £1,858 million based on an offer of 0.9 Resolution shares per Friends Provident share. This valued each Friends Provident share at 79.4 pence, based on the Resolution Ltd share price of 88.25 pence at close of trading on 7 August. The offer represented 69% of Friends Provident's published Embedded Value as at 30 June 2009, as adjusted for the sale of F&C and the payment of the interim dividend paid in July 2009.

Based on the completed acquisition balance sheet, the consideration offered of £1,858 million represented 60.5% of the Acquired Embedded Value of £3,070 million prepared on a MCEV basis.

On 4 November 2009, being the completion date for the acquisition of Friends Provident plc, Resolution Limited had net assets of £310 million, which, when aggregated with the Acquired Embedded Value, resulted in a total Embedded Value for Resolution Limited of £3,380 million, equivalent to £1.40 per share as at that date.

The closing Resolution Ltd share price on the 4 November 2009 was 97.0 pence, which gave a rise to consideration on completion of £2,012 million based on 1,752,451,145 of Resolution Limited shares issued and the cash component of the consideration of £312 million. The consideration paid at completion equated to 65.5% of the Acquired Embedded Value.

On an IFRS basis, the Acquisition Balance Sheet, as revised to take into account the fair value of assets acquired and liabilities assumed, shows net assets attributable to equity shareholders of £3,214 million. This gives rise to a gain on acquisition of £1,202 million before transaction costs of £16 million, primarily as a result of the inclusion of the Additional Value of In-Force business, and the inclusion of the fair value of intangible assets.

Resolution Limited will include its balance sheet as at 31 December 2009 on an IFRS and MCEV basis as part of its financial results for the year ended 31 December 2009, which will be released on 24 March 2010.

Enquiries:

Media
Alex Child-Villiers, Temple Bar Advisory +44 (0)7795 425580

Investors and Analysts
Steve Riley, Resolution Operations +44 (0) 203 372 2908

This information is provided by RNS The company news service from the London Stock Exchange

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RNS Number : 8074H Resolution Limited 01 March 2010

STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE

Resolution Limited

Total Voting Rights

1 March 2010

Pursuant to Rule 5.6.1 of the FSA's Disclosure and Transparency Rules, Resolution Limited ("the Company") notifies the market of the following:

As at 6.00pm on 26 February 2010, the Company had 2,412,451,145 issued ordinary shares of no par value each admitted to trading. Each ordinary share carries the right to one vote in relation to in relation to all circumstances at general meetings of the Company. The Company does not hold any ordinary shares in treasury.

Therefore, the total number of voting rights in the Company is 2,412,451,145.

The above figure may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: 01481 745341

This information is provided by RNS The company news service from the London Stock Exchange

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RNS Number : 8231H Resolution Limited 01 March 2010

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

1 March 2010

For immediate release

Resolution Limited - Statement regarding press speculation

Resolution Limited notes the recent press speculation regarding Prudential plc's potential acquisition of AIA and a possible subsequent disposal of its UK life assurance operations to Resolution.

Resolution confirms that it is not in discussions with Prudential regarding the acquisition of its UK life assurance operations.

Investors/analysts:

Steve Riley, Resolution Operations +44 (0)203 372 2908

Media:

Alex Child-Villiers, Temple Bar +44 (0)77 9542 5580

Notes to Editors:

Resolution is listed on the Official List and admitted to trading on the London Stock Exchange. Resolution was formed with an express mandate for consolidation and restructuring in the financial services industry in Western Europe.

Resolution's current focus is on the consolidation and restructuring of businesses in the UK life assurance and asset management sectors. Resolution regularly assesses possible transactions with different life assurance companies in connection with its consolidation strategy, including both listed and privately-held groups. Resolution acquired Friends Provident Group plc as part of this project in November 2009.

This information is provided by RNS The company news service from the London Stock Exchange

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