Friends Provident International offshore bond sales up 57%

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...