Friends Provident sales fall 11%
Friends Provident sales fall 11%
Tuesday 27th January 2009
Pensions and insurance provider Friends Provident said sales fell 11 per cent over 2008 amid turmoil in the financial markets.New business fell to £1 billion over the year, from £1.1 billion in 2007, the insurer said in a trading update to the stock market.
However, Friends Provident said its capital position remained strong, while costs savings are well on track for £40 million by the end of 2009.
Trevor Matthews, chief executive of Friends Provident, said the operating environment in the UK and overseas "remains tough" but was upbeat about the group's prospects.
Mr Matthews added: "Friends Provident is in good shape despite the turmoil in financial markets and the uncertain economic environment.
"We have made excellent progress cutting costs, excess capital remains healthy, and our dividend policy remains unchanged."
Although overall sales were down, overseas business rose 19 per cent for the year to £456 million.
The company plans to release full results for the year in March.
Shares in Friends Provident rose 5.04 per cent on the FTSE 100 index in early trading.
Related News
West End theatres break records despite credit crunch - 26/01/09
The growing economic crisis has little effect on London theatres, it has emerged, with takings rising to a record high
The growing economic crisis has little effect on London theatres, it has emerged, with takings rising to a record high
Barclays defends business - 26/01/09
Barclays has defended its business in an open letter to shareholders as the bank's share price continues to fall
Barclays has defended its business in an open letter to shareholders as the bank's share price continues to fall
Unemployment 'could reach three million', economist warns - 25/01/09
An economist who warned Bank of England colleagues of an imminent recession has said he fears unemployment could reach three million in a year's time
An economist who warned Bank of England colleagues of an imminent recession has said he fears unemployment could reach three million in a year's time
Britain enters recession - 23/01/09
Britain has officially entered recession for the first time since 1991 as the economy shrank by 1
Britain has officially entered recession for the first time since 1991 as the economy shrank by 1
FTSE 100 loses early gains as Dow drops - 22/01/09
The FTSE 100 gave up early gains this afternoon and the Dow Jones pushed aside yesterday's optimism and dropped
The FTSE 100 gave up early gains this afternoon and the Dow Jones pushed aside yesterday's optimism and dropped
News Article Search
Quick Apply
News Archive