8th Jun 2007 15:00
8 June 2007 Friends Provident Completes Sesame Acquisition
Friends Provident plc announces that Friends Provident Distribution Holdings Limited has today completed the acquisition of Sesame Group Limited, one of the UK's largest providers of support services to independent financial advisers, from Misys plc. This follows the announcement on 15 May 2007 of the agreement to purchase Sesame.
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For further information, please contact:
Nick Boakes Friends Provident plc +44 (0)845 641 7814 Di Skidmore Friends Provident plc +44 (0)845 641 7833 Alex Simmons Finsbury Limited +44 (0)20 7251 3801 Ref: H**
About Friends Provident
Friends Provident plc is the holding company of the Friends Provident Group of companies and a member of the FTSE 100. With more than 2.5 million customers the Group employs approximately 5,000 staff in its three core businesses: UK Life & Pensions, International Life & Pensions and Asset Management.
Now in its 175th anniversary year, the business was founded on Quaker principles and aimed to alleviate the hardship of families facing misfortune. Friends Provident has embraced corporate governance and achieving high standards of corporate behaviour and accountability to both stakeholders and customers is at the heart of our business. In 2001 the company established the grant-making charity The Friends Provident Foundation with the aim to encourage new ways of thinking about how money can be used to solve a wide range of problems.
Fast growingUK Life & Pensions:
* 2006 new business sales up 30%, growth underpinned by award-winning service
International Life & Pensions:
* Friends Provident International - 2006 new business sales up 16%
* Lombard - 2006 new business sales up 40%
Asset Management:
* Funds under management ‚£104 billion at 31 December 2006 from ‚£30 billion at
listing (July 2001)
Financially strong
* Risk Capital Margin of ‚£220m covered by surplus assets within With Profits Fund at 31 December 2006 * Life & Pensions excess capital resources in accordance with FRS 27 ‚£1.8 billion at 31 December 2006 * Regulatory solvency: Free Asset Ratio 22.2% at 31 December 2006 * Insurer financial strength rating: Moody's A1, S&P A+, Fitch A+
For more information on Friends Provident including, photos, awards, fast facts, presentations, and media contacts please visit the media section at www.friendsprovident.com/media
FRIENDS PROVIDENT PLCRelated Shares:
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