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Regular-premium sales rise at Friends

Friends Life’s first-quarter life and pension regular-premium sales rose by 21 per cent although single-premium new business figures were hit by the firm’s decision to stop marketing its investment bond products during 2011.

Total UK life and pension regular-premium sales rose from £122.5m to £147.8m.

In the firm’s corporate division, regular-premium pension sales increased by 34 per cent from £92.3m to £123.9m.

Corporate regular-premium protection sales were up by 47 per cent from £3.6m to £4.2m.

Individual regular-premium protection sales plummeted by 41 per cent from £22.1m to £13.1m while individual regular-premium pension sales increased by 17 per cent from £3.6m to £4.2m.

Total UK life and pension single-premium sales dropped from £494.2m to £491.9m following Friend’s decision to stop marketing its investment bonds.

Radcliffe & Newlands chartered financial planner Mel Kenny says: “The brand appears to be slowly evolving into quite a force and by gradually phasing in its new initiatives, it is more likely to get things right.”

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