UK financial protections provider Friends Provident has revealed impressive business growth of 40% for its life and pensions operating in the third quarter.
Life and pensions new business, on a new business premiums (PVNBP) basis, improved by 40% to GBP1.6 billion in the third quarter. The performance virtually matches the company’s achievement for the year to date, which has seen new business increase by 39% from GBP3.3 billion to GBP4.6 billion over the nine-month period.
The strong nine-month performance was supported by good UK returns. Total UK new business was up 34% to GBP3 billion, while group pensions increased by 46% to GBP1.6 billion and protection business increased by 8% to GBP322 million.
However, the most impressive returns were garnered from Friends Provident’s international operations. Total international new business was up 51% to GBP1.5 billion and the firm’s Lombard division increased business by 68% to GBP955 million.
Ben Gunn, chief executive of Friends Provident Life and Pensions, said: We have sustained our impressive growth rates from the first half of the year…These results clearly demonstrate our ability to drive growth in both the UK and international businesses.