| CATEGORY: NEWS AND ANNOUNCEMENTS SECTOR: LIFE INSURANCE |
Friends Provident unveils international expansion plan |
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Wed 07 Jun 2006
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LONDON (SHARECAST) - Life insurer Friends Provident has unveiled plans to grow its international operations, with Singapore, Germany and Switzerland its main targets for expansion.
Ahead of a presentation to analysts, Friends Provident announced it had secured a licence to operate in Singapore, targeting high net worth clients.
It also aims to market personal pensions products specifically for the German market from this summer, while Lombard, the upmarket Luxembourg life insurer it bought last year, is to open a Swiss branch.
Friends Provident generates just over a third of its sales and most of its new business profits outside its home market from Lombard and its Isle of Man-based division.
Last week UK rival Aviva said it wanted to increase its overseas life business by 10% a year over the next five years.
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