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 group ...
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