UK life sales fall but Friends Prov returns to profit

However, new life and pensions business fell, as did the profitability of Friends Provident's IFA distribution businesses, Sesame Bankhall and Pantheon. The group also announced it has sold its entire stake in Pantheon Financial Services. Operating profit for the group hit £272m on an IFRS basis, turning around the £246m loss seen in 2008. The turnaround was largely due to a recovery in corporate bond assets backing the insurer's annuity book. Life and pensions new business fell 13% to £873m. Friends Provident attributes the fall in business to particularly tough trading early ...