Abbey sells life businesses to Resolution

The sale, announced this morning, represents 97% of the embedded value of the businesses being sold as reported by Abbey at 31 December 2005. Scottish Mutual Assurance, Scottish Provident, and Abbey National Life will all transfer ownership to Resolution, as well as the group’s two offshore life companies, Scottish Mutual International and Scottish Provident International Life Assurance. But Abbey will retain all of its branch based investment and asset management business, including James Hay, its self-invested personal pension company, and its wrap business. Resolution says it intends ...