Investments

Investments

Timeline Company Brands Description
Resolution plc (2003 – 2008)

  • $10bn overall acquisitions
  • $4bn of new equity raised
  • Four transactions executed, all at a discount to Embedded ValueExit via sale to Pearl / Royal London (cash) via competitive three-way auction
  • Exit via competitive three-way auction for $10.3bn
 Royal & Sunalliance
  • SunAlliance & London Assurance Company
  • Royal & SunAlliance Life & Pensions Limited
  • Phoenix Assurance Plc
  • Royal & Sun Alliance Linked Insurances
  • Acquisition of Royal & SunAlliance Life UK
  • Acquisition date: July 2004
  • Transaction value: $1.5bn
  • New equity raised: $750mn
 SwissLife
  •  Swiss Life UK
  • Acquisition of Swiss Life UK
  • Acquisition date: December 2004
  • Transaction value: $390mn
  • New equity raised: $120mn
 Britannic Assurance
  • Alba Life Ltd
  • Britannic Unit Linked Assurance Ltd
  • Britannic Retirement Solutions Ltd
  • Britannic Assurance plc
  • Century Life plc
  • Reverse merger with Britannic plc
  • Reverse merger date: June 2005
  • Transaction value: $1.5bn
  • New equity raised: $n/a
 inv_santander
  • Abbey National Life
  • Scottish Mutual Assurance
  • Scottish Provident
  • Scottish Mutual International
  • Scottish Provident Int’l Life Assurance
  • Acquisition of UK life businesses of Abbey National
  • Acquisition date: June 2006
  • Transaction value: $6.7bn
  • New equity raised: $2.9bn
Resolution Ltd (2009 – 2014)

  • $9.1bn overall transaction value
  • $5.8bn of new equity raised
  • Three transactions executed, all at a discount to Embedded Value
  • Currently not pursuing new acquisitions and focused on initiatives to improve operating efficiency and return cash to shareholders
  • Current market capitalization: $6 billion
 Friends Provident
  • Friends Provident Life Assurance Limited
  • Friends Provident Life and Pensions Limited
  • Friends Provident Pensions Limited
  • Friends Provident International
  • Lombard
  • Acquisition of Friends Provident plc
  • Acquisition date: November 2009
  • Transaction value: $3.7bn
  • New equity raised: N/A
 AXA
  • AXA Sun Life plc
  • AXA Annuity Company Limited
  • Sun Life Assurance Society plc
  • WLUK
  • Acquisition of AXA UK Life businesses
  • Acquisition date: September 2010
  • Transaction value: $4.1bn
  • New equity raised: $3.1bn
 Bupa
  • Bupa
  • Acquisition of BUPA Health Assurance Ltd
  • Acquisition date: December 2010
  • Transaction value: $1.4bn
  • New equity raised: $660mn
Resolution Life US (2013 – Present)

  • Announced $600 million acquisition of Lincoln Benefit Life
  • $2bn equity raise near completion
  • Expected 3 to 5 year acquisition phase
inv_allstate
  • Lincoln Benefit Life Insurance
  • Acquisition of LBL
  • Announcement date: July 2014
  • Transaction value: $600mn
  • New equity raised: $2bn