Friends Prov posts £157m profit as sales climb 6%

Life sales climbed to £203m in the six months to 30 June, up from £191m for the same period in 2009. Total H1 sales were up 42% at £458m on an APE basis, compared to £322m for the same period of 2009. UK pre-tax profits on an IFRS basis were £128m, up from £36m for H1 2009. This contributed to pre-tax profits of £157m across the group, up from £29m for the same period in 2009. Increased annual management charges from improved fund values, and the impact of fixed interest investment variances in respect of its annuity book, contributed to the gain. In its with-profits fund, t...