Friends Provident calls the bottom
13 April 2012
INSURER Friends Provident called the bottom of the savings market today and said it was closing the gap on its rivals after first-half new life and pensions sales rose 9%.
Managing director Ben Gunn said independent financial advisers were finding it easier to close deals. 'I wouldn't say there is a full flowering of confidence just yet, but there is a guarded optimism about the market,' he added.
New business sales hit £198m in the six months to 30 June from £182m in the year-earlier period, helped by Friends' distribution deal with Countrywide Assured.
Lower investment returns cut operating profits by 16% to £135m. The interim dividend is up 2% to 2.5p.
