The combined business is now held by Friends Provident Holdings (UK) Limited creating one of the market leading providers in corporate pensions and protection in the UK.
Following completion of the acquisition the Friends Provident Holdings (FPH) board and Leadership team will have responsibility for the management of the day-to-day operations of the combined business.
Trevor Matthews, CEO of Friends Provident, continues in that role and is joined on the FPH board by two new executive directors, David Hynam and Andy Parsons, both formerly of AXA. David joins the board as executive director – operations. In recognition of the increased demands of the enlarged group and the trend towards board level risk roles, the role of chief financial officer (CFO) has been split. Evelyn Bourke, formerly CFO Friends Provident, is now executive director – strategy, capital and risk and Andy Parsons is now executive director – finance on an interim basis.
A new organisation structure will be implemented to broaden the balance of top management in the combined business. The business units for the individual and corporate markets are now led by Graham Harvey and Paul McMahon, respectively, both of whom join from AXA. They are now members of the Friends Provident leadership team along with Rocco Sepe who remains managing director, international.
Trevor Matthews, CEO Friends Provident Holdings (UK) Limited commented: “Today is an exciting day for the UK life assurance sector as combining the best of the best elements of our collective skills, people and propositions will make us one of the market leaders in our core businesses of corporate pensions and protection in the UK.
“Our combined organisation has a real opportunity to shape the future direction of the life and pensions industry in the UK. We are excited by the continued prospects for our business as the driving force in Resolution’s consolidation strategy in the life sector.”
The Friends Provident and AXA UK businesses offer a strong operational and new business fit and the combined business provides a wide range of options for future consolidation in the UK.
The enlarged group, Friends Provident Holdings (UK) Limited will have almost 6,000 employees.
Friends Provident Holdings (UK) Limited is the company within the Resolution structure that will own Friends Life, the new brand name for the combined business. This is expected to be unveiled in early 2011.