However, the £79m total sales for the first nine months of 2014 is down 18% on the £96m recorded over the same period in 2013.
Additionally, the value of new business (VNB) recorded over the quarter by the company, which is the international arm of the Friends Life group, was £4m, compared with £5m for the previous two quarters.
This brings the total VNB for the first nine months of 2014 to £9m, down a quarter from the £12m recorded over the same period in 2013.
Region by region, volumes dropped by 14% in South Asia and 10% in the Middle East over the first three quarters compared to 2013.
The company said it has seen the majority of its product development slow ahead of the implementation of its new platform, which it expects to be migrated during 2015.
It said its flexible future benefit trust for UK offshore, and its decreasing term assurance product in the Middle East, which were both launched earlier in the year, have been “selling well” so far.
“Despite a slow start to 2014, the focus on turning around the FPI business continues and management remains confident that the division will make an increasing contribution towards value for the future,” the company said.
Regulatory changes
“Recent regulatory changes in the Middle East to prevent sales by unlicensed companies will strengthen FPI’s competitive position in that region.”
The company said the proposed banning of indemnity commission in Hong Kong represents a “positive move for the industry and clients” in the long term, which will lead to “robust” distribution models and more suitable economics for providers. However, it said it anticipates a “challenging transition period” throughout the area on a short-term basis.
Meanwhile, the group’s international pensions division has seen new business for the first nine months fall compared to the same period in 2013, with regular premiums dropping to £40m from £53m, and single premiums down to £387m from £431m.
Group chief executive, Andy Briggs, said: “I am encouraged by the progress we are making in our international division, with the benefits of the roll out of the new platform and product and sales initiatives coming through.”
