UK - Insurers Friends Provident said that it was "well placed" in the pensions market amid the ream of final salary scheme closures.
The firm, which demutualised last year, said that it was now ready to “take advantage” of the trend in favour of defined contribution schemes as it registered overall positive figures for the first quarter, 2002.
Results were slightly down compared to Q4, 2001. Keith Satchell, the Group’s chief executive, blamed a slow down in the number of group pension schemes sold this year following a surge to meet the October stakeholder deadline in 2001.
- total new life and pensions business premiums (regular plus single premiums) increased by 26.7% to £425.5m for Q1, 2002. On an Annual Premium Equivalent (APE) basis - new regular premiums plus 10% of single premiums - new life and pensions business for the first quarter 2002 increased by 10.2% to £83.5m;
- new pensions APE increased by 11.5% to £54.1m including an increase in new group pensions business of 11.9% to £31.9m.
The announcement followed Friends’ approval of the proposed acquisition of UK fund manager Royal & SunAlliance Investments by its subsidiary, Friends Ivory & Sime.
Friends owns a 67% stake in FIS. The deal is valued at around £240m and will roughly double FIS’ assets under management to approximately £70bn.
By Madhu Kalia
Industry Voice: Sponsored by Eaton Vance
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.