Friends Provident's protection and group pensions sales were down in Q1 but there was a stronger showing for annuities and its international business.
In total, new life and pensions business was £178m for Q1 on an APE basis, up 19% on the same period in 2009. However, the rise was powered by the group's International business which rose 49% and Lombard up 62% while the UK fell 3% to £88m. The group says market conditions within the UK life insurance industry "remain difficult with little prospect of significant economic growth in the short term". It says: "We have maintained pricing discipline and are focused on cash generation. We are investing to maintain the competitive position of our key individual protection and grou...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
