 Profits down at Friends Provident |
Life insurer Friends Provident has reported a 13% drop in profits for 2003, in line with City forecasts. Weaker returns from existing policies saw the UK's smallest blue-chip insurer post a fall in operating profit to �266m from �305m.
"We remain a little cautious for the first half of 2004," said chief executive Keith Satchell.
But he predicted that rising consumer confidence would lead to higher new business volumes in 2004.
New business
During the trading period new life and pensions business at Friends Provident broke �400m for the first time, and margins rose to 18.6% from 17.5%.
Friends is the last of the major UK life insurers to report and its results follow a 30% drop in annual profits from bigger rival Prudential.
The smaller insurer hopes to build up its overseas presence further this year and is targeting at least 20% of new business to come from outside the UK.
"Over the year, we are confident of further growth in our own market share," said Mr Satchell.
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