Friends Life suffers group risk sales slump

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Group protection business at Friends Life dropped by more than half in the third quarter of the year while individual business slipped slightly compared to the previous three months.

Overall protection new business at the provider hit almost £80m in the first three quarters of the year. Comparisons over longer periods of time are difficult given the parent company Resolution's purchases of Axa Life and Bupa Health Assurance (BHA) to join its original brand, Friends Provident. In the three months to the end of September individual protection sales were down to £20.5m, from £21.9m in Q2 and £22.1m in Q1 (including BHA trading results). However corporate business took a more significant hit with new business of £3.3m in Q3 compared to £7.3m in Q2 and £4.5m in Q1, ...

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