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Friends Provident reports 'encouraging growth'

Date: Wed, 30 Apr 03 Analysis

DORKING, UK - Friends Provident has reported 'encouraging growth' for the first quarter of the current financial year.

The life insurance and pensions firm on Tuesday announced that the annual premium equivalent (APE) for its core products had increased by 10 per cent to £92 million.

This follows the cutting of bonus rates and warnings about future dividends issued in March, coming on the heels of the struggles of the insurance industry since the stock market collapse of 2001.

The Q1 figures show that total new life business in the first quarter rose by 31 per cent to £38.5 million.

However, new pensions business in the same period actually declined by 2 per cent in the same period.

Friends Provident is set to release its interim figures for 2003 on July 30.

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.