FRIENDS PROVIDENT, the life insurance company, said yesterday sales of life insurance and pension products were nearly a third higher than last year, says the Times .
Friends, the UK’s fourth-biggest listed life insurer, said total life and pensions new business for the nine months to September 30 was £425m, up 31% on £323m a year earlier, according to the paper.
However, despite the rise in annual premium sales, the life insurance company said sales of protection products had fallen 11% over the first nine months to £50m. Sales of protection products have slowed because of the slowing housing market.
Ben Gunn, the head of Friends’ life and pensions division, said he did not imagine that there would be any let-up in competition, although he predicted that protection sales would benefit from new distribution arrangements that allow companies to be multi-tied to insurance companies.
INVESTORS ARE to win statutory powers to sue negligent company bosses in a big shake-up of corporate law on Thursday that could lead to greater leverage for fund managers over Britain's boardrooms, reports the Financial Times.
In a bill to be published on Thursday, ministers will for the first time set out procedures allowing shareholders to pursue executives for negligence or breaches of duty.
The changes are among a number of big reforms that ministers have calculated should save business £250m a year and help to repair relations with industry that have slumped since Labour's general election victory in May. Steps to ease the bureaucratic burden on business include allowing quoted companies to introduce wholly “paperless” share transactions, reducing the cost of rights issues.
The new powers for investors are intended to make redress for shareholders simpler by clarifying a legal process. But they could also prove controversial.
BRITAIN’S SUPER-rich are pouring funds into wealth management accounts at UBS, the elite Swiss bank handling the world's biggest pool of private money, says the Daily Telegraph.
British investors kept pace over the past quarter with a surge of fresh money from Asia, the Middle East, and the United States, boosting UBS's net profits by 71%.
Earnings were a record Sfr2.77bn (£1.24bn), pushing up shares by 3.2% to Sfr113 in Zurich.
The world's richest stepped up their investments over the past three months, adding Sfr51bn to the bank's wealth management units. UBS now has Sfr2,670bn invested in assets, with the lion's share coming from private individuals.
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