FP results - good or bad17 Mar 2009 07:52
LONDON, March 17 (Reuters) - British life insurer Friends Provident reported 2008 underlying profits in line with expectations on Tuesday and reassured on its capital strength.
Friends Provident, the smallest of Britain's blue-chip life insurers, said its underlying pretax profit came in at 420 million pounds, for 2008, slightly ahead of the average forecast of 399 million pounds, supplied by the company. That compares with a profit of 16 million pounds in 2007, which was skewed by 473 million of charges.
On a statutory basis, Friends posted an underlying pretax loss of 190 million pounds, in line with expectations.
It reported a pretax loss from continuing operations of 871 million pounds on charges related to its stake in asset manager F&C.
The insurer posted a full year dividend per share of 3.9 pence, compared to 8 pence in 2007, and said it will create a new holding company to pay the dividend.