LONDON (AFX) - Friends Provident PLC, the UK's fourth biggest listed insurer, reported a surge in first half profit, helped by steady growth in UK life and pension sales and the first contribution from acquired life group Lombard International.
The life assurer added that prospects looked "good" for the rest of the year and beyond.
Friends Provident said pretax profit rose 476 pct to 196 mln stg in the six months to June 30, from 34 mln a year earlier, restated under new IFRS accounting rules.
Analysts expected pretax profit to range between 218-240 mln stg, with consensus at 229 mln stg.
Total new life and pensions business on an annual premium equivalent basis rose by 33 pct to 282 mln stg from 212 mln. nh/slm/
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The life assurer added that prospects looked "good" for the rest of the year and beyond.
Friends Provident said pretax profit rose 476 pct to 196 mln stg in the six months to June 30, from 34 mln a year earlier, restated under new IFRS accounting rules.
Analysts expected pretax profit to range between 218-240 mln stg, with consensus at 229 mln stg.
Total new life and pensions business on an annual premium equivalent basis rose by 33 pct to 282 mln stg from 212 mln. nh/slm/
COPYRIGHT
Copyright AFX News Limited 2005. All rights reserved.
The copying, republication or redistribution of AFX News content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
AFX News and the AFX Financial News logo are registered trademarks of AFX News Limited
For more information and to contact AFX: www.afxnews.com and www.afxpress.com
© 2005 AFX News
