Friends Prov wary after prelim results

The company revealed profits had slipped to £509m for the year ending December 31 2006 from £524m the previous year. The group profit before tax on European Embedded Value basis, an accounting system, was also down 34pc to £398m. Philip Moore, group chief executive, said protection was an area which had suffered heavily, and he also hinted that 2007 would be a difficult year. “In October last year we announced a demanding 2008 target of £180m-£200m for new business profits, and although we remain committed to achieving this target, the product mix and, in particular the level of prote...