Friends Life sales up 52% in Q1

Laura Miller
clock • 1 min read

Friends Life total new business rose 52% in Q1 compared to a year earlier, with sales from parent company Resolution's newly aquired businesses driving performance.

Total Friends Life sales were £270m, up from £178m for the same period in 2010.

The Friends Provident part of the group brought in sales of £106m for the first three months of the year, up 20% from £88.1m in Q1 2010.

Its Axa UK Life business added £60m for the quarter while Bupa Health Assurance (BHA) sales were £6m for the period 1 February 2011 to 31 March 2011.

The Friends Provident and Axa UK Life businesses were merged under the rebranded Friends Life name earlier this year.

Resolution reported total UK sales of £172m, gaining a significant boost from the acquired businesses.

Elsewhere, consolidator Resolution said 2011 will see it complete the acquisition of WLUK, dispose of the Guaranteed Over Fifties and Trustee Investment Plan portfolios, and complete ongoing separation from Axa and BHA.

The focus will remain on improving the group's capital resources. Resolution will provide an update on its capital position on 7 June 2011.

Group available shareholder cash at 31 March 2011 totalled £1.05bn, with £482m held by Resolution holding companies and £570m held by Friends Life holding companies.

Resolution said it is confident it will meet its distributable cash target of £400m a year after interest costs from 2011, without reducing value or profits of Friends Provident Holdings (UK).

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