Friends Prov hits back at 'new business' criticism

In a statement released to the stock exchange this morning, Friends Provident says it has an excellent new business track record and is bullish on future growth prospect. The group was responding to market criticism including comments made by Pearl Group, a rival to the proposed Friends Provident merger with Resolution. It has been critical of both parties, saying the merger “significantly undervalues” Resolution. The Hugh Osmond led company says the amalgamation would expose both firms to significant integration risks and the synergies promised may not being realised. But the Friends...