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Tenet boosts business with Friends by 85%

Friends Provident has inc-reased its proportion of Tenet’s business by 85 per cent over the last two years but business with Millfield has tailed off.

Tenet has grown from being the top five distributor which does the least amount of business with Friends to being its second-biggest partner.

Figures from market analyst Touchstone, based on the number of cases submitted, show that Friends accounted for 9.6 per cent of Tenet’s business in the first half of 2004 compared with 5.2 per cent in 2002.

Millfield has fallen from third position to the bottom of the group. Friends accounted for 6.2 per cent of Millfield’s business in 2002 compared with 4.8 per cent last year.

Friends director of UK distribution Simon Clamp admits that growth with Millfield has been less consistent, saying market shares grow at different rates according to what is happening within the business.

Friends has increased its share of Sesame’s business from 6.6 per cent in 2002 to 9.7 per cent in the first half of 2004.

Friends has remained on an even keel with Bankhall, with its share of Bankhall’s business falling from 5.6 per cent in 2002 to 5.4 per cent in 2003 but increasing slightly to 6.3 per cent in the first half of 2004.

Clamp says: “Our growth in market share is led by our protection proposition but these statistics represent all the business we do with our top distributors, not just protection.”

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