R&SA approves life division sale to Resolution

A short statement issued by the insurer says shareholders voted with a 99% majority at today's extraordinary general meeting to dispose of the life and pensions operations in a cash and preference shares deal. This operation is effectively made up of closed book business. IFAonline reported the initial proposal on July 30, which would see at least £750m paid in cash. That said, R&SA will retain a liability of £76m in case of any future mis-selling claims. Resolution Life - which is backed by several life offices - has declared plans to buy several more closed books of business a...