Friends Provident saw international new business fall by 4% in the first quarter, compared to the sa...
Friends Provident saw international new business fall by 4% in the first quarter, compared to the same period last year, its latest results have revealed.
Total international business was down to £455m, compared to £475m in Q1 2006. Friends Provident International (FPI) was down 2% to £237m, while Lombard was down 7% to £237m.
However, Rocco Sepe, managing director of international operations at Friends Provident, said the life company was still pleased with its performance. He said: "We are not glum about it. We had a very strong comparative from the first quarter of last year, where both businesses were really flying. So set against that strong comparative, we always expected it to be a tough act to follow and if we could get close to it, we were going to be really pleased."
Sepe said, while FPI's new business fell 2% when compared to the same quarter last year, it had risen 26% from Q4 2006. He said: "Last year was very much a year of two halves, the first half was very strong, the second half was a lot slower.We are seeing a pick up from the fourth quarter."
Sepe added FPI had seen good growth in Hong Kong and the UK, and was starting to make inroads into Germany.
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