Friends Provident's UK life and pensions business has been badly hit by turbulent market conditions and changes in the group's focus, with total sales plunging 24% over the first nine months of the year and a huge 47% 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 Friends...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
