News Release
11 June 2007
Friends Provident CEO visits Hong Kong To Celebrate
The Group's 175 Anniversary And Strong Growth For Q1
2007
Friends Provident
a leading financial services group, will be expanding
its Asian business according to its Group Chief Executive,
Mr. Philip Moore. In his first visit to Hong Kong since
taking over the leadership of the FTSE 100 Index listed
company, Mr. Moore illustrated the Friends Provident
Group's strong results, future vision and proud tradition.
Speaking at a welcoming reception, Mr. Moore highlighted
the Group's 2007 first quarter results which showed
that the total life and pensions new business reached
¢G1,497m (PVNBP)*, up by 12%. Total U.K. new business
reached ¢G1,042m, up 22%. The group pensions reached
¢G598m, up by 30%. Individual pensions (excluding DWP
rebate premiums)** reached ¢G122m, up by 114% over same
period last year. As for International life and pensions,
the total international new business was reported as
¢G455 million and Friends Provident International's new
business was reported at ¢G237 million.
Whilst commenting on the 2007 first quarter results,
Mr. Moore says, "In the U.K. our excellent momentum
in pensions sales continues, with group pensions up
by 30% and individual pensions more than doubled. The
protection market remains key to our plans. We expect
this market to remain flat this year, although we will
seek to take market share. Sales in Asia were ahead
of the fourth quarter of 2006 with more activity in
the Hong Kong market. Our new German pensions product
also made good progress."
Friends Provident International is a core component
of the Group's International Life and Pensions business
segment. Asia remains Friends Provident International's
largest contributor of new business volumes, accounting
for 49% of its new business, with the bulk of that coming
from regular premium savings. The fact that our Hong
Kong operation has been in existence for nearly 20 years
proves that Friends Provident International is firmly
committed to the Hong Kong marketplace.
Mr. Moore sees Asia as the forefront of the Group's
international expansion. This is demonstrated by the
opening of a new office in Singapore which solidifies
Friends Provident International's position within the
Asia region.
The Group's strong performance is mainly attributed
to Friends Provident International's proven strategy
of working with independent financial advisers (IFAs).
Working with independent financial advisers is at the
heart of what Friends Provident International does.
Friends Provident International is also partnering with
prestigious fund groups to deliver a wide range of financial
solutions suitable for local markets and consumers.
"Now in its 175th anniversary, the business was founded
on Quaker principles which aimed to alleviate the
hardship of families facing misfortune," adds Moore.
"Looking forward, we will continue to embrace corporate
governance and achieving high standards of corporate
behaviour and accountability to both stakeholders
and customers is at the heart of our business."
*PVNBP = Present Value of New Business Premiums
**DWP = Department of Work and Pensions
- Ends -
About Friends Provident:
Friends Provident Life and Pensions
Limited is a leading UK life and pensions provider with
more than 2.5 million customers. It is part of Friends
Provident plc, which is a FTSE 100 company comprising
of three core business areas: UK life and pensions,
international life and pensions and asset management.
The Friends Provident Group has strong financial ratings:
Standard & Poor's rating of A+ and Moody's rating of
A1.
The business was founded in 1832 on Quaker principles
and aimed to alleviate the hardship of families facing
misfortune. These principles still drive the Group today.
Friends Provident has embraced corporate governance
and achieving high standards of corporate behaviour
and accountability to both stakeholders and customers
is at the heart of its business.
About Friends Provident International
The international component of Friends
Provident's business is made up of Friends Provident
International and Lombard International. The International
Life and Pensions business operates throughout Europe,
Asia, and the Middle East, and incorporates the Luxemburg
based company Lombard International. For further information
on Friends Provident International please visit www.fpinternational.com.hk
Copyright© 2007 Friends Provident
International. All rights reserved.
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