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FP strength confirmed
23 August 2007 16:32:55
The life cover firm has received an A+ rating from credit rating agency Fitch in its Insurer Financial Strength rating, reports Reuters.
Friends Provident was applauded for its continued attempts to develop new business and diversify.
The life insurer's new business increased by 13 per cent to £3.4 billion in the first six months of 2007, (compared to £3.0 billion in 2006), while international new business grew by 16 per cent to £1.2 billion.
The firm has also established some 200 alliances with intermediary providers, in a bid to establish itself successfully in the German market.
And a proposed merger with fellow life insurance company Resolution was announced at the end of July, under the terms of which the Friends Financial group would be created, serving some 9.5 million customers.
Rumours of counter bids from Pearl, Zurich, Standard Life and Old Mutual, fellow providers of life insurance, critical illness cover and income protection, have been widely discounted.
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