Offshore bond sales at Friends Provident International rose by 57% in the first six months of 2008, according to the interim results of its parent, Friends Provident.
Sales of the bonds in the UK fell amid worries over the new capital gains tax regime, but overseas sales grew, particularly in Asia. The Middle East, a newer market for FPI, is also looking promising.
New business premiums from FPI totalled £21m, up from £16m in the first half of 2007. The international business contributed £3m to Friends Provident's overall IFRS underlying profit of £13m.
Rocco Sepe, managing director, international at Friends Provident, said he was delighted with the results.
Meanwhile, Friends Provident International in Hong Kong has become the first company to use the international version of Distribution Technology’s Investment Planner tool. Branded Dynamic Portfolio Planner International by FPI, the portfolio planning tool includes a wide range of global asset classes and the ability to calculate values in Hong Kong dollars, sterling, euros and US dollars.
Separately, FPI has announced the appointment of Peter Drummond as international strategic business development and global account manager. He joins from Muscat Life Assurance in Oman and will be responsible for worldwide business growth and relationship development for FPI.
Commenting on the appointment, Bob Pain, international sales director at FPI, said: “This role requires a proactive and determined individual to focus on the key success elements of our business: distributors and intermediaries, results and customers. I believe we’ve found the right person and I’m delighted to welcome Peter on board.”
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