Resolution has confirmed it will make no more acquisitions and abandoned plans to split the Friends Life business after revealing a 58% fall in profits.
The life insurance consolidation vehicle, which has acquired Friends Provident, Axa UK Life and Bupa Health Assurance since 2009, recorded an operating profit before tax of £163m in the first half of 2012, down from £390m during the same period last year.
It attributed the drop to lower than expected investment returns on the in-force book, and "disappointing" performance in its international businesses, although it also pointed out one-off benefits of £216m reported in 2011.
Having already frozen activity for the past 18 months, it has now confirmed it will no longer seek acquisitions, instead focusing on "securing maximum value from each part of the group".
It has also revealed plans for separate initial public offerings (IPOs) of the UK Go to Market and Heritage business units have been abandoned.
This would have seen Friends Life (the merged life assurance businesses) split between a fit for purpose life company and a closed life fund consolidator in 2014.
Meanwhile, as part of a management shakeup, former Financial Services Authority (FSA) boss John Tiner will step down as chief executive of external managers resolution operations, with the company moving to a more conventional, in-house governance structure.
Founder Clive Cowdery will join the board, while Friends Life's Andy Briggs will become CEO.
Resolution's life and pensions business, which also includes Sesame Bankhall, recorded an operating profit of £182m in H1, down from £370m during the same period in 2011.
Sesame Bankhall itself recorded a trading profit of £1m, which Resolution said was "in line with expectations".
