14th Sep 2006 11:30
Friends Provident PLC14 September 2006 14 September 2006 Friends Provident plc board appointment Friends Provident, the FTSE 100 life and assurance company, has appointed SirMervyn Pedelty, 57, as a non-executive director with effect from 1 October 2006. He was chief executive of The Co-operative Bank from 1997 until his retirementin December 2004 and in addition, he was chief executive of Co-operativeFinancial Services and the Co-operative Insurance Society from 2002 untilDecember 2004. He is currently a non-executive director of Hiscox plc, chair of the FTSE4GOODPolicy Committee, a director of Business in the Community, and was a member ofthe Department for Work and Pensions Employer Task Force on Pensions. After completing his professional training, Sir Mervyn worked in a range ofsenior finance and general management roles, eventually joining TSB Group plc in1987, where he was appointed chief executive of commercial operations and grouprisk director in 1992. He became a partner at L.E.K Consulting LLP in 1996. Sir Adrian Montague, chairman of Friends Provident, commenting on theappointment, said: "I am delighted to welcome Mervyn to the board. His work with a range oforganisations that benefit the community, in addition to his considerablefinancial experience, will benefit Friends Provident greatly." Sir Mervyn Pedelty, commenting on his appointment, said: "Friends Provident is a company that has developed a reputation for balancingstrong market performance with a progressive and ethical culture. I am delightedto become an active participant in its further development". - Ends - For further information, please contact: Nick Boakes Friends Provident plc 0845 641 7814 Di Skidmore Friends Provident plc 0845 641 7833 Ref: G137 About Friends Provident Friends Provident plc is the holding company of the Friends Provident Group ofcompanies and a member of the FTSE 100. With more than 2.5 million customers theGroup employs nearly 5,000 staff in its three core businesses: UK Life &Pensions, International Life & Pensions and Asset Management. The business was founded in 1832 on Quaker principles and aimed to alleviate thehardship of families facing misfortune. Friends Provident has embraced corporategovernance and achieving high standards of corporate behaviour andaccountability to both stakeholders and customers is at the heart of ourbusiness. In 2001 the company established the grant-making charity The FriendsProvident Foundation with the aim to encourage new ways of thinking about howmoney can be used to solve a wide range of problems. Fast growing International Life & Pensions: • Friends Provident International - 2005 full-year new business up 32% on 2004 • Lombard - new business compound annual growth rate 28% over last 10 years UK Life & Pensions: • Market share grown in each of last 3 years, from 3.4% in 2002 to 4.7% in 2005 Asset Management: • Funds under management up from c£30 billion at listing to more than £110 billion at 31 March 2006 Financially strong • With Profits Fund surplus £236m and Risk Capital Margin £276m at 31 December 2005 • Life & Pensions excess capital resources in accordance with FRS 27 £1.8 billion at 31 December 2005 • Regulatory solvency: Free Asset Ratio 18.3% at 31 December 2005 For more information on Friends Provident including, images, awards, fast facts,presentations, and media contacts please visit the media section atwww.friendsprovident.com/media This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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