Asia drives growth for FPI
Combined new business at Friends Provident International (FPI) and Lombard – its European high-net worth specialist sister company – rose 53% in the first quarter of 2010 compared to a year earlier.
Growth at FPI, on an annual premium equivalent basis, was 49%, reaching a sum of £56.5m, while Lombard’s new business increased 62% to £33m in the first three months of the year.
On a regional basis, Asia (Hong Kong and Singapore) saw the strongest growth. FPI highlighted March as a particularly good month, with 61% year-on-year growth recorded. The region also accounted for half of all FPI’s new business over the period at £26.9m
Europe and the UK also both strong growth, though from relatively small bases. New business in the former totalled £10.5m compared to £7.2 a year earlier and the UK was £2.7m up from £1.1m.
The Middle East appears to have stalled somewhat, however, with an increase of only around £300,000 compared to Q1 2009.
Confidence returning
FPPI managing director Rocco Sepe said confidence appeared to be returning to most markets after the tumult of the financial crisis saw business levels sink. However, he noted the situation was fragile, with factors such as the Greek debt crisis creating further uncertainty and caution among consumers.
Nevertheless, Sepe said FPI was aiming for Singapore, the Middle East and even Europe to match Hong Kong in terms of market size in the coming years, which based on 2010’s first quarter results would reach in excess of £100m by the end of the year.