Friends looks to make a Resolution

FRIENDS PROVIDENT & RESOLUTION   Compare Broker Only          ~ Life Insurance & Critical Illness Deals         On-line >15 secs

                 UK Life Insurers decide to merge ?                                           

The proposed merger of Friends Provident Uk and Resolution was formally announced 7/2007 to create Friends Financial Group plc - a new company in the Life Insurance Providers and Asset Management industries. Friends Provident and Resolution say they are natural partners & will create a firm with a market value of £8.6bn. They say in their press release that their complementary strengths being combined are:

          +       TO JOIN FORCES ?  

1] Friends Providents expertise in designing and administering quality new business propositions for the UK and International markets, backed by superior service, enabled by leading edge technology and strongly supported by financial advisers
2] Resolutions expertise in creating value from in-force business and their financial model which generates significant cash flows, plus the respected Scottish Provident brand and menu based protection product, the bancassurance relationship with Abbey, and a wide customer base.

Friends Financial - they think the merits of joining forces are compelling.

The new enlarged business will still be focused on building leading positions in the core markets of protection, group pensions and wealth management, yet be able to achieve far more together than the 2 companies could do independently.

The new size and scale of Friends Financial say they will bring with it an enhanced market credibility and presence, instilling consumer confidence. It will have even greater financial strength and flexibility to develop its position in its core strategic markets

The extreme complementary characteristics of Friends Provident and Resolution [Phoenix Group] will mean that they think they will be able to maintain, and even enhance, the day-to-day high service standards during the period of integration
Its greater distribution, territorial and income diversity will be a strong hedge against any risks arising from industry volatility. Its strong position in the consolidating UK market will be self-evident. They state that if any customers express concerns, they can be reassured that:

• There is nothing for them to do or to worry about
• Policy terms and conditions will remain unchanged
• Payment processes will remain unchanged
• The same people will be dealing with their policies
• Our high service standards will continue, unaffected
• There are no changes to how customers make contact

Their press say that this is a merger of two successful life insurance companies that will be even stronger and more secure by combining forces.

Friends Provident & Scottish Provident - Protection Brand products will continue

                

It is intended that both the Friends Provident and Scottish Provident protection products continue to be distributed through intermediaries and that they are supported and developed to meet the needs of their clients and intermediaries. The Scottish Provident Uk product will continue to be distributed through Abbey for Intermediaries

For quotes or information on either Companies protection plans please contact us.