In the first six months of the year, Friends Provident saw their profits increase by almost half. Overall, group profits rose by 46% to £223 million compared with £160 million in the same period last year.
Life and Pensions business rose by 15% from £176 million to £202 million. This compares with market growth of around 5%. They are confident that the company can grow its individual pensions business, which accounted for just 6% of new business compared with 55% in group pensions.
Our view
It is good to see providers growing at a steady rate in turbulent times.