Life insurer Resolution said yesterday it had delivered on promised cost savings and would consider another big deal within months.
The integration of the Britannic and Resolution Life businesses was on track.
The company said it may contemplate a "significant" deal from the first quarter next year.
Resolution doubled in size after merging with Britannic this month, creating the UK's biggest consolidator of closed life funds with a market value of £2.3 billion, thrusting it towards a spot in the blue-chip FTSE 100 share index.
The business employs 700 people at its life and management division HQ at Wythall, on the outskirts of south Birmingham, formerly head office of Britannic Group.
Chief executive Paul Thompson said: "There has been a net increase in jobs at Wythall as we integrate and consolidate operations."
A company spokesman said he expected that to continue and the future for the operation there was healthy.
The two parts of Resolution reported first-half results differently. The former Wythallbased former Britannic Life reported achieved profits of £50.5 million for six months to the end of June, up 21 per cent from a year ago.
And the former Resolution Life reported an operating profit of £48 million before one-off items. Profits at the asset management unit rose to £6 million from £4.8 million.
Mr Thompson said he believed any cost reduction company wide could be made with minimal impact on job losses by savings in other areas. He added: "From an operational perspective we would not be looking to do a significant transaction until the first quarter of next year.
"But we believe, with the progress we're making on the merger and integration of other acquisitions, we would be positioned to contemplate significant, complex acquisitions from the first quarter."
He said a "significant" deal was over £1 billion, and he would consider smaller deals "this side of Christmas". There was "a handful" of targets.
"We've been looking at most targets for two years now... it's continual dialogue and sometimes it warms up and sometimes it goes cold," he said.
Resolution and other consolidation companies have bought billions of pounds of closed life funds in recent years with a view to using scale to cut running costs.
Resolution said it expects to save at least £30 million annually by 2007 from its merger with Britannic and move to bring in Resolution Life's outsourced assets. It expects to mostly complete, including a big contract with F&C Asset Management, by the middle of 2006, six months earlier than predicted.