Resolution is preparing a "self-managed" exit from Friends Life in 2014 that would see the company split between a fit for purpose life company and a closed life fund consolidator.
Resolution has appointed Tim Tookey as chief financial officer of its UK life project, Friends Life.
Resolution's group pension assets grew by approximately £1bn over the first half of this year, results show.
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...
Resolution, the buyout vehicle launched by entrepreneur Clive Cowdery, is highly unlikely to make any further acquisitions and will instead focus on developing new life products.
Friends Provident's Trevor Matthews is to step down as chief executive and hand over the reins to former Scottish Widows chief Andy Briggs.
Resolution has finalised its deal to buy Axa's UK life businesses as part of its ongoing acquisition programme, which is likely to continue until the middle of next year.
Buyout vehicle Resolution will continue to target further life company acquisitions after posting pre-tax profits of £203m in the first half of the year.
Buyout vehicle Resolution has bought Axa Life for £2.75bn in a deal part-funded by a rights issue of approximately £2.05bn.
UK - Friends Provident's board has recommended shareholders accept the latest acquisition offer from Resolution.