Friends Provident Scraps Lombard Sale; Third-Quarter Sales Fall

Friends Provident Plc, the 176-year-old U.K. insurer, scrapped the sale of its Lombard International unit and posted a 39 percent drop in third-quarter sales.

Overall new business dropped to 194.3 million pounds ($315 million), from 316 million pounds in the same period a year earlier, the Dorking, England-based insurer said today in a Regulatory News Service statement. U.K. life and pensions sales fell to 105.1 million pounds, missing the 139 million-pound average estimate of nine analysts, the company said.

The insurer said today its capital position was ``strong.''

To contact the reporters for this story: Kevin Crowley in London at Poppy Trowbridge in London at

To contact the editor responsible for this story: Mike Anderson Frank Connelly

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.