Friends Provident International (FPI) is to establish a business development team for strategic part...
Friends Provident International (FPI) is to establish a business development team for strategic partners this year. The team will be headed by Richard Duxbury, director of sales.
Paul Tunnicliffe, director of international operations at FPI, said: "Richard will retire in two years' time. For the next 12 months, Bob Paine will work alongside Richard and then take over as sales director.
"When we set up the new strategic partners team this year, Richard will lead that. The team will find new markets and partners and then set up the relationship with the banks and institutions. It will then be managed by the regional sales team or by a dedicated group depending on how much support the banks need."
FPI already has distribution agreements with Bahrain-based Islamic insurance and Takaful provider, Solidarity-Family Takaful, the National Bank of Abu Dhabi and Riyadh Bank in Saudi Arabia.
Tunnicliffe added: "We are close to signing another couple of agreements in the Middle East and a couple in Europe."
FPI has also announced that its level of new business increased by 6.7% in 2004 from £69.6m to £74.3m. International business now accounts for 17% of Friends Provident's overall life and pensions business. In the fourth quarter of 2004, new business rose 10.9% from £18.5m to £20.5m.
As well as signing more distribution agreements with banks, Tunnicliffe said FPI is seeking to grow its business in the UK. Last year, it re-priced its policies for the UK and launched a new investment bond, Zenith, on 22 November.
In Europe, FPI will focus this year on selling its Olab policies in Sweden and Iceland. "We are hopeful of achieving further steady growth overall in 2005."
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