Friends Prov Q4 life & pensions sales dip 9%

The firm’s Q4 UK life and pensions sales fell to £1.02bn last year, down on the £1.12bn recorded for the same period in 2006. UK investment operations fell sharply in Q4, down 35% on the previous year – while its protection arm dipped 7%. Friends Provident attributes the falls to uncertainty surrounding insurance bonds, lost ground in the guaranteed product market and a loss of market share in critical illness products. For 2007 as a whole, Friends Provident’s total UK new business climbed 7% to £4.44bn, up from £4.16bn in 2006. The investment arm was down 27% to £501m in 2007, whil...