Friends Prov rues 'flat' protection market

The firm’s pre-tax underlying profit fell 3%, from £524m to £509m, in 2006 while its profit on a European Embedded Value (EEV) basis, an accounting system, was also down 34% to £398m. Ben Gunn, chief executive of Friends Provident Life and Pensions, describes the protection market as “subdued”. “Over the last 18 months the protection arena has been flat-lined,” he told IFAonline. “The last time we [Friends Provident] spoke about this was last October and, at the time, we thought we might see 5% growth in the market. “But we have seen no sign of that. We think it will be flat again throu...