The combined increase in new business for Friends Provident International (FPI), the Isle of Man-based international subsidiary, and Lombard, Friends’ Europe-focused ultra high net worth tax and estate planning specialist, was 95%.
Lombard saw the largest increase over the periods, with sales in the first six months of this year reaching £135m compared to £47m in 2009, a rise of 187%. FPI, meanwhile, reported an increase of £36m to £120m or 43%.
By region, Asia was again the biggest contributor to the growth in FPI’s sales, with a rise £20m. Also other regions reported increases ranging from £2m to £5m.
Rocco Sepe, managing director of Friends Provident’s international businesses, said there were several reasons for the strong growth on the international front. These included that uncharacteristically low sales in the first half of 2009 as a result of the financial crisis and economic uncertainty meant the following resumption of more normal sales was particularly large in percentage terms.
However, he also highlighted the strong economic growth in Asia as a key factor in the results, noting Singapore’s economy had grown 18.8% in the first half of the year, making it the world’s fastest growing country by GDP.
