UK Life Project remains on track to deliver its 2013 financial targets. The focus remains on the execution of Resolution's strategy;
Dividend
At the time of announcing its full year 2010 results, the Company gave guidance of its intention to increase the 2011 dividend to 18.85 pence per share. On 7 June, the Company announced that the directors had reviewed the dividend policy in the light of the decision to implement a share buy-back programme and had concluded that the aggregate value of dividend payable by the company on all shares in issue should not reduce as a result of the buy-back, that is, future dividends per share would be expected to increase as a result.
Dividends continue to be paid one-third in respect of the interim dividend and two-thirds in respect of the final dividend. Consistent with this policy, and taking account of progress made in the then ongoing share buy-back programme, the Board declared an interim dividend of 6.47 pence per share in respect of 2011 that was paid in October 2011. The £250 million share buy-back programme has now been completed and, to maintain the level of aggregate dividend payable, it is expected that the final 2011 dividend will increase to 13.42 pence per share, taking the expected aggregate 2011 dividend to 19.89 pence per share.
