Near 50% drop for Friends Prov UK life and pensions sales in Q3

However, there are bright spots amidst the gloom as Friends Provident has ended months of uncertainty by announcing it will not get rid of F&C asset management or high net worth business Lombard. On the UK side of the business on an APE basis, protection new business fell 23% over the nine month period to September 30 at £41m, compared to £53m in 2007. This is consistent with the FSA's figures of a 20% decline in the market for pure protection products in the year to the end of March, the group says. Individual protection sales have also been impacted over the past six months as Frien...