Friends teams up with Tesco

Source: Agencies | April 29, 2009, Wednesday |

Print Edition

BRITISH life insurer Friends Provident reported a 40-percent drop in first-quarter sales, but said a new deal to sell insurance through Britain's biggest retailer Tesco should help future performance.

Total life and pensions sales for the three months to the end of March fell to 109 million pounds (US$159 million) as the recession took its toll on consumers and as Friends Provident withdrew from less profitable areas of the market.

The insurer also reported a decline in its capital surplus to 800 million pounds from 850 million pounds at end of December. But Friends said it remained better protected against corporate bond defaults than its peers, with total reserves of 550 million pounds compared with a bond portfolio of 1.9 billion pounds.

Under the deal with Tesco, Friends will provide protection insurance products for the retailer's personal finance division.

Shares in British life insurers have fallen steeply since the start of the year.

Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Friends teams up with Tesco

Email this to your friend