Firm says it is likely to stick to life insurance and asset management deals

Resolution will not be bidding for any part of the RBS insurance arm when it is eventually sold off.

In November, the European Commission ordered RBSI to sell off its insurance assets, which includes Direct Line, Churchill and broker-only insurer NIG, following competition concerns.

At the time, Resolution had not ruled out making a bid.

But a spokesman for the firm said this week that it was “most unlikely” to get involved in the RBS sell-off.

He said Resolution is currently six months through an 18-month acquisitions phase and that did not coincide with the RBS sell-off.

Furthermore, Resolution would probably stick to life insurance and asset management acquisitions, he said.