Friends Provident and Resolution have agreed to an all-share merger to create Friends Financial Group.
Within the group, Friends Provident will become the primary brand for the company’s UK life and pensions operations, although the Scottish Provident brand will be retained.
Friends Financial intends to provide shareholders with profitable new business growth and growing dividend income and will encompass products; customers; distribution; financial profiles and management. The group will be valued at approximately £8.6bn.
The merger is conditional on shareholder, regulatory and other approvals.