Friends Provident has reported a 2% dip in UK life and pensions new business in Q1, down to £165m (APE).
On a PVNBP basis however, Friends Provident’s UK new business decline was more pronounced, down 13% from £1.04bn to £906m. Worldwide new life and pensions business increased in the period, up 11% to £247m. The gain is attributed to strong sales from Friends Provident International, which climbed 77% to £58m. The market has reacted positively to the figures, with Friends Provident’s share price climbing 1.96% to 119.50 so far this morning. Meanwhile, UK new protection business fell 12% to £15m, with Friends attributing the loss to low mortgage related sales due to reduced numbers of ho...
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