British life assurance company Friends Provident said today it is confident of an upturn in its business after revealing downbeat maiden interim results.
Profits from new life and pensions businesses fell to £160 million sterling from £352 million a year earlier. New life business was down 40 per cent at £45.8 million.
The fall in profits was blamed on the uncertainty among independent financial advisers in the run-up to the group's listing.
Friends Provident says in common with the rest of the industry it has seen a marked decline in mortgage endowment sales in the wake of recent mis-selling scandals.
It said there has been pressure on margins achieved from its pensions business.
The company did not recommend a dividend.
PA
