Friends Provident International has seen sales in the first nine months of 2008 rise 29% compared with the same period in 2007, despite turbulent global market conditions.
Although the bulk of the rise, measured in annual premium equivalent (APE), came in the first two quarters, the third quarter still saw year-on-year growth of 20% if Asian sales are excluded. New business from Hong Kong fell, causing an 8% drop in overall new business for FPI in the third quarter, but this came after an exceptionally strong Q3 2007 figure, and Q3 2008 sales in Hong Kong were 108% ahead of the same period in 2006. Managing director Rocco Sepe said last year’s Q3 figures from Hong Kong reflected an exceptional combination of a very strong market and FPI’s proposition “really...
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