Friends Provident International offshore bond sales up 57%

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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 th...

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