Resolution has completed the acquisition of the Axa UK life businesses comprising protection, corporate benefits and pensions.
The combined business is now held by Friends Provident Holdings (UK) which will have almost 6,000 employees
Friends Life, the new brand name for the combined business, is expected to be unveiled in early 2011.
Following completion of the acquisition, the Friends Provident Holdings (FPH) board and leadership team will have responsibility for the management of the day-to-day operations of the combined business.
A new organisation structure will be implemented to broaden the balance of top management in the combined business. The business units for the individual and corporate markets are now led by Graham Harvey and Paul McMahon, respectively, both of whom join from Axa. They are now members of the Friends Provident leadership team along with Rocco Sepe who remains managing director, international.
Trevor Matthews, chief executive officer of Friends Provident, continues in that role and is joined on the FPH board by two new executive directors, David Hynam and Andy Parsons, both formerly of Axa. Hynamjoins the board as executive director- operations.
The role of chief financial officer (CFO) has been split. Evelyn Bourke, formerly CFO at Friends Provident, is now executive director – strategy, capital and risk, and Andy Parsons is now executive director- finance on an interim basis.
Trevor Matthews, CEO of Friends Provident Holdings (UK), said: “Today is an exciting day for the UK life assurance sector as combining the best of the best elements of our collective skills, people and propositions will make us one of the market leaders in our core businesses of corporate pensions and protection in the UK.
“Our combined organisation has a real opportunity to shape the future direction of the life and pensions industry in the UK. We are excited by the continued prospects for our business as the driving force in Resolution’s consolidation strategy in the life sector.”
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