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Phoenix Group Looks Set to Rise to 800m Flotation
Friends Provident Post 157m Profits

TEP - 24 August 2010

Friends Provident UK life and pension sales rose 6% in the first half of the year, helping to boost the groups's pre-tax profits to £157m.  

Life sales climbed to £203m in the six months to 30 June, up from £191m for the same period in 2009.Total H1 sales were up 42% at £458m on an APE basis, compared to £322m for the same period of 2009.UK pre-tax profits on an IFRS basis were £128m, up from £36m for H1 2009. This contributed to pre-tax profits of £157m across the group, up from £29m for the same period in 2009. 

Increased annual management charges from improved fund values, and the impact of fixed interest investment variances in respect of its annuity book, contributed to the gain. 

In its with-profits fund, the company says it has extended the degree to which certain assets are hedged and reduced the fund's exposure to corporate bonds following the improved market conditions of late 2009 and early 2010.

Royal London Reports Profits of 404m for 2009

TEP – 31 March 2010

The Royal London group has posted profits of £404m for 2009, compared with a loss of £762m in 2008.

Royal London bosses stated an increased contribution from new business together with increases in the expected return for the year and positive benefits of modelling improvements had been offset by adverse operating experience and adverse assumption changes.

In addition, the contribution from new business had improved to £63m from £52m in 2008 - an increase of 21 per cent.

It said: "While the margin has benefited from the inclusion of the Scottish Provident business for the full year, this has been partly offset by the impact of a more prudent approach to accounting for development expenses.

"The overall results for the group are affected by the investment return on the with profits fund and the principal driver behind the £842m increase in after-tax profits is the improved investment return compared to 2008."

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