Driven by strong growth in corporate group pension sales, Friends Life’s new business jumped by 52 percent in the first quarter of 2011. Group sales were recorded at £270 million in the first three months of the year compared to £178 million last year.
Group company Friends Provident raked in £106 million while AXA UK life and Bupa Health Assurance chipped in another £66 million.
Annuity business grew by 13 percent to £9 million from just under £8 million reported in the first three months of last year. Corporate group pensions business was the star performer with revenue zooming by 71 percent to £113 million compared to £66 million in Q1 last year, with AXA UK life businesses and Friends Provident contributing £28 million and £85 million respectively.
“The figures show a solid start for our new company, Friends Life”, said chief executive of Friends Provident Holdings Trevor Matthews. The company is working towards developing a strategy for its annuity business, he confirmed.
“With clarity on our chosen individual and group protection models and key markets, and significant developments underway to our workplace savings proposition, we are looking forward to continued progress and improving performance of our company during 2011”, he said.