Friends Provident post 21% increase

Friends Provident, the life assurance business, has announced a 21% increase in 9-month life and pensions sales. The increase was boosted by its international business, meeting expectations that it would exceed a growth rate of 16%.

New business increased to £5.58 billion and in the third quarter, life and pensions sales for the group increased 35% to £2.15 billion.

The group has received a lot of press recently following its plans to merge with its competitor, Resolution, in a deal worth £8.7 billion. However, doubts are surrounding the takeover since suitors began to circle Resolution.

Today, the groups are planning to woo investors ahead of a key vote on their proposed merger, promising to return £2 billion of capital over the next two years. Should the merger go ahead, the 2 groups will form the fifth largest UK-listed insurer.

Friends Provident is primarily based in the UK but has offices throughout the world.

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