Friends Provident International sales growth continues
Isle of Man News, 3 March 2010 – 
A third consecutive quarter of growth at Friends Provident International (FPI), provided further confirmation of strong sales momentum at one of the Isle of Man’s leading life and pensions provider.
Despite tough trading conditions in the UK, FPI’s fourth quarter 2009 sales figures just released reached £53.8m on the Annual Premium Equivalent basis.
The Castletown-based business, which employs in the region of 230 staff on the Isle of Man and over 400 staff worldwide, is headquarters for the Company’s activities in Asia and the Middle East.
Amid encouraging signs that confidence is returning in a number of FPI’s key markets, the results helped lift the Group’s overall new life and pensions business in the fourth quarter of 2009 to £368 million, double the level of sales in the third quarter and 21% higher than in the same period in 2008.
It was also the first time that revenues from international businesses, including FPI, accounted for over half of Friends Provident’s overall sales figures, emphasising the importance of the international operation to the Friends Provident Group.
In particular, FPI increased its market share in Hong Kong significantly with its overall share of unit linked business virtually doubling from 6.0% for 2008 to 11.2% for the first nine months of 2009, the latest period for which data is available.
FPI has also recently been named Life Insurer of the Year at the Gulf Insurance Review Awards in the Middle East and the Best Fund Platform at Hong Kong’s prestigious Benchmark Best Practice Awards.
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