Friends Provident says it will press ahead as planned with implementing its new UK strategy despite having its insurance financial strength rating cut by Moody's.
The firm’s life and pensions arm (FPLP) yesterday had its A2 rating downgraded to A3 amid concerns about the group’s profitability outlook and its “weak” financial flexibility. Moody's added there had been further deterioration in the value of the business's net assets and pointed to market threats to its revised strategy. Earlier this month, Friends Provident announced its H1 results for 2008, which showed profits had fallen 20% and UK new business dipped 12%. In January, Friends unveiled its new UK business plan saying it intends to focus on protection, the group pensions market and...
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