British insurance-focused bid vehicle Resolution reported weaker sales at Friends Provident, its first acquisition, and said an end to growth in Britain’s life market had opened up further deal opportunities.

Friends Provident had sales of £873m ($1.37bn) in 2009, down 13 percent from £1bn the previous year, Resolution said on recently.

Analysts had expected sales of £760m, according to the average of six forecasts collected by the company.

Resolution added that the British life market had stopped growing, underscoring the need for industry rationalisation.

“The UK business continued to reflect a market which we believe is ex-growth,” Resolution Chief Executive John Tiner said.

“This dynamic continues to demonstrate the need for consolidation of the UK life insurance industry.”

Resolution was founded by insurance entrepreneur Clive Cowdery in 2008 to acquire and merge British life insurance and asset management companies.

The company bought Friends Provident for £1.8bn last year, and has said it aims to buy at least two more insurers or asset managers before selling the enlarged business in 2012.