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Friends shows record new business

Friends Provident have reported their best new business figures to date, bucking the industry trend and increasing new business by 14 per cent.

The insurer has reported that new sales have increased to £429.2m from £376.7m in 2002 on an annual premium equivalent basis, with life and pension new sales in the fourth quarter up 13 per cent to £116.7m from £103.1m in 2002 on the same basis.

The growth included growth in protection sales of 54 per cent, rising to £69.4m from £45.1m ape. Savings and investment sales increased 18 per cent to £114.3m ape from £97m and new group pensions were up 12 per cent to £176.1m from £157.8m ape. It describes the increase as a “testament” to its systems and service and is optimistic about the coming year, saying investment confidence is better and less fragmented.

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