Friends Provident reported a £145m loss in underlying profits before tax for its UK life and pensions business last year.
The figure contrasts poorly to the firm’s £240m UK life and pensions profit in 2006. UK life and pensions net earned premiums fell to a £798m loss in 2007; again well down on the £886m recorded the previous year. The firm attributes the outflow to a one off £1.7bn re-insurance transaction with Swiss Re. Friends Provident’s 2007 struggles bring into focus the firm’s strategic review released in January. The group announced it will offload its 52% stake in F&C and scrap its wrap development to focus on its life and pensions business. The firm has also announced its chief financial offic...
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
