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Friend Provident reports overall growth but F&C shows slight fall

Friends Provident’s total life and pensions sales have risen by 39 per cent in the first half of 2006 compared with the same period last year.

The Group reported total life and pensions growth was £3,032m on a PVNB basis with UK life and pensions new business profits up 51 per cent to £53m compared with £35m in 2005.

International life and pensions new business profits have risen by 57 per cent to £36m and the Group’s share in the protection market grew to 7.1 per cent.

Profits in F&C the asset management side of the business fell slightly with a £51m underlying profit before tax compared with £52m in 2005.

Group chief executive Keith Satchell says: “The Group has excellent momentum underpinned by our leading scaleable technology platform and reputation for outstanding customer service. We had record new business profits last year and this year has started even more strongly as demonstrated by the excellent 53 per cent increase in life and pensions new business profits.”

Group Finance Director Philip Moore says: “EEV profits before tax were adversely affected by the falls in the value of fixed interest investments and the adjustment to the carrying value of F&C management contracts. Nevertheless, F&C’s underlying results remained steady.”

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