Friends Life's UK business took a dip in the first half of the year as the company paid off a further £5m of a £6m fine levied against Sesame.
The 2013 half year UK and Heritage IFRS based operating profit of £129m is £8m lower than in 2012. The Heritage division forms the bulk of Friend's UK based business by value. The division is focused on the management of products that are no longer actively marketed. Friends said an improvement in new business strain, following the continued focus on target new business platforms and lower costs, was offset by reduced principal reserving changes and "one-off items" compared to 2012. One of these one-off items was £5m paid to the Financial Conduct Authority in relation to Friend's-o...
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