Friends Provident has reported that life and pensions new business, on a present value of new business premiums basis, has increased by 21% to GBP5.58 billion in the first nine months of 2007, and by 35% to GBP2.15 billion in the third quarter.
The company has reported that the total UK new business increased 13% to GBP3.42 billion, compared to GBP3.04 billion in 2006. The group’s pensions were up 22% to GBP1.99 billion. The investments of the company is down 25% to GBP401 million. The individual pensions increased 68% to GBP 387 million. The company has also reported that the total international new business increased 36% to GBP875 million, compared to GBP635 million in 2006.
Ben Gunn, chief executive of Friends Provident’s life and pensions, said: I am pleased to report strong sales overall for the third quarter. Our two International businesses, FPI and Lombard, led the way with excellent performances, and in the UK we achieved a strong group pensions result.