Friends Life Group said it is investigating drop-offs in persistency for some products ahead of the RDR despite a rise in sales of 24% in the nine months to September.
Total sales measured on an annualised premium equivalent basis for the nine months to 30 September 2011 were £880m, up from £705m for the same period in 2010. UK sales amounted to £547m, an increase from £316m a year ago. Friends Life said the rise reflects the increased scale of the UK business and premium growth in existing corporate pension schemes. However, the group said it was worried about persistency in relation to certain products. Broker activity in the run-up to the introduction of the Retail Distribution Review had impacted on the corporate benefits business in both the...
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