Friends Provident, the UK's fourth-largest insurer, has reported a 46% increase in H1 profit. The company expressed confidence that international expansion would enable it to maintain this strong momentum for the rest of the year.
The insurer, which completed the purchase of asset manager Lombard earlier this year, reported H1 profit of GBP233 million, a 46% increase on the same period in 2004 and GBP13 million ahead of consensus forecasts.
Commenting on the results, group chief executive Keith Satchell drew attention to the augmented performance of the company’s UK new life and pensions business, and indeed the group’s asset management and international operations, which saw a doubling in profit due to the acquisition of F&C and Lombard
Overall, the Group’s performance demonstrates the new size and diversity that underpins our momentum. We see genuine opportunities for profitable growth in virtually all the market segments in which we operate, so the prospects are good for the remainder of this year and beyond, said Mr Satchell.