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 officer ...
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