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Friends Prov &#39s new business dives 12 per cent

Friends Provident new business figures have plummeted by 12 per cent to £181.6m from £206.8m EPI for the first half of the year.

Saving and investment business was down 47 per cent to £30.6m from £58.2m EPI. Individual pensions were down 27 per cent to £26.4m from £36.3m EPI and annuity sales decreased 29 per cent to £19.8m from £28m EPI. Mortgage endowment sales were down 60 per cent to £3.4m from £8.5m EPI.

Total life and pension sales were down 14 per cent to £159.8m from £186.1m EPI. Unit trust sales were down 7 per cent to £12.6m from £13.6m EPI.

Protection business was up 23 per cent to £11.8m from £9.6m EPI. Group pensions business was up 52 per cent to £62.6m form £41.3m EPI.

Shares in Friends are currently trading at around 243p.

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