Friends Provident International increased its new business by 122% in the first half of 2005 from £3...
Friends Provident International increased its new business by 122% in the first half of 2005 from £36m to £80m.
These business figures, however, were inflated by the inclusion of Lombard International for the first time following the acquisition of the Luxembourg-based insurer last year. On a direct comparison basis, sales grew by between 15% and 20% across the two international businesses in the first half of the year. While the existing FPI business grew sales by 25% from £36m to £45m, Lombard increased new business by 11% from £32m to £35m.
The margin of profitability on the new business increased as well from 19.4% in the first half of 2004 to 25% in the first six months of 2005.
Rocco Sepe, managing director of FPI, said the focus has been on growing sales in Asia, the Middle East and the UK. He cited the last two areas as providing the fastest growth in new business in the first six months of 2005.
Offshore sales into the UK increased but this was from a relatively low base. The Middle East has featured sales of both single and regular premium policies and has been boosted by distribution deals with Bahrain-based Solidarity-Family Takaful, National Bank of Abu Dhabi and Riyadh Bank in Saudi Arabia. FPI has been looking to sign further distribution deals.
Sepe said: "We have nothing to announce but we are talking to a couple of prospective partners."
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