Friends makes £871m loss as investment sales dive 84%

The group also failed to confirm a dividend amount for shareholders due to complications arising from the redistribution of F&C. Friends Provident's IFRS underlying profit fell to £27m in 2008, down from £44m in 2007, though a £217m addition to corporate bond reserves brought the firm into loss-making territory. Non-underlying items made a loss of £681m. Individual pensions business performed poorly, down 48% to £41m, though the firm says its decision not to offer unfunded commissions to advisers was to blame. Group pensions sales also fell, down to £422m from £526m, though the firm ...