17/08/2011
By Ilonka Oudenampsen
Friends Life’s international business has announced record first half sales, with Friends Provident International’s sales of £132 million, a 10% rise on the same period in 2010, while Lombard’s sales stood at £970 million.
The company said the international business benefited from the growth in the Asian markets, while Lombard recorded the second highest first half sales in its 20-year history.
However, with a drop of 28%, Lombard sales are not as high as in the first half of 2010, when they benefited from the stimulus provided by the European Savings Directive and the Italian tax amnesty.
FPI’s funds under management increased by 3% in the first six months of 2011 and were £5.9 billion at 30 June. Lombard’s funds under management stood at £17.7 billion during the first half of 2011, compared to £14.5 billion in the first half of 2010.
Rocco Sepe, managing director for Friends Provident International, said that most growth has come from Asia, with less growth in Europe.
“We’ve had a tougher time in Europe, where the waters have continued to be quite choppy. The sovereign debt issue has affected consumer and investor confidence, so we’ve not made progress. But we’re weathering the storm at the moment, because we know it will come back and we’re continuing to develop our products and propositions for when that happens.”
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March 2010 Products
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International commitment pays off for Friends Provident
Growth in the three international arms of the Friends Provident group smashed all expectations in 2009 and accounted for over half of the group's new business sales for the year
