Friends Prov in 2008 profit target rethink

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A "MODERATE" protection market could force Friends Provident to rethink its profits target for 2008, the firm says.

The investment company recorded a 7% jump in new UK life and pensions profits in the first six months this year, up to £95m, it announced today. In its interim results released to the stock exchange this morning, Friends Provident also revealed a 12% jump in total life and pensions sales – from £2.02bn in 2006, to £2.26bn. In addition, group pensions sales were up 11% to £1.3bn while international sales jumped 16% to £1.17bn. Its interim dividend per share for the period was up 5p, to 2.7p. Friends Provident group chief executive Philip Moore said the group’s financial position “re...

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