Friends Life latest figures for third quarter of 2011 show that the International business continued the strong growth seen in the first half of 2011, with sales up 11% to £195m.
According to the report, international business has seen good growth in the majority of its core markets with notable performances in North Asia and South East Asia. "These markets have developed well over the period with growth in regular premium and single premium business benefiting from the local economic environment being more buoyant than Europe despite the recent financial market shocks," says the report.
Consistent with the strategic aim of the business, the third quarter also marked the beginning of the rollout of the revised regular premium contract, Premier, which will improve the product's profitability. The rollout of the new regular premium contract will continue into 2012.
The report points out that the German market remains subdued, weighed down by weaker economic conditions in the rest of Europe. "Whilst volumes are largely static in Germany compared to 2010 there has been a fall in the unit-linked market but the International business continues to increase its market share. The business remains confident that sustained growth is achievable in the German market and has strong ties, through fpb, with the local distributors."
Sales through the Group's Malaysian joint venture, AmLife Insurance Berhad, were £5.3m at the end of September 2011, down from £7.7m in the same period in 2010.
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