Resolution Ltd., the insurance buyout firm founded by Clive Cowdery, said first-quarter revenue dropped as corporate clients delayed enrolling into pension plans as new legislation is implemented in the U.K.
Aviva Plc, the U.K.’s second-biggest insurer by market value, will cut directors’ bonuses to zero and freeze pay for 400 top managers after slashing its second-half dividend by 44 percent and posting a loss. The shares plunged.
RSA Insurance Group Plc, the U.K.’s biggest non-life insurer, made a 5 billion-pound ($7.8 billion) bid for Aviva Plc ’s general insurance business in the U.K., Canada and Ireland, according to two people with knowledge of the situation.
Prudential Plc , the U.K.’s biggest insurer, said it plans to double profit in Asia within three years of buying American International Group Inc. ’s AIA Group Ltd., as it began a $21 billion rights offer to fund the deal.