Everything about Friends Provident totally explained
Friends Provident plc manages a
life assurance business mainly based in the
United Kingdom and with offices throughout the world.
Friends Provident is a financial services group and a member of the FTSE100 Index. With a history dating back to 1832, Friends Provident has three core businesses:
The UK Life and Pensions business markets a range of life protection, income protection, pensions and investment products for individual customers and corporate clients throughout the UK.
The International Life and Pensions business operates throughout Europe, Asia, and the Middle East, and incorporates the Luxemburg based company Lombard International who specialise in providing life assurance based estate planning solutions.
The Asset Management business - F&C Asset Management plc - manages funds of some £107bn (as at 30 June 2006) and markets a range of investment products both to personal and institutional customers.
History
Friends Provident has been in operation since
1832. In 1992, Friends Provident was a foundation partner in the Eureko Alliance in association with AVCB (The Netherlands), Topdanmark (Denmark) and Wasa (Sweden). As part of this alliance, Friends Provident passed all of its then non UK subsidiaries (primarily in Australia and Canada) into Eureko. From its creation and until 2001, Friends Provident was a
mutual society. Its status as a mutual society was affirmed by the Friends Provident Act of
Parliament. In July 2001 it went through a process or
demutualisation and has been a member of the
FTSE 100 Index ever since.
The Company was founded in
Bradford by
Quakers to provide life assurance for their members. The office was originally located above a sweet shop.
The head office is now located at 100 Wood Street in
London. The registered office is at Pixham End,
Dorking in Surrey. It is a member of the
Association of British Insurers and is regulated by the
Financial Services Authority.
On January 21, 2008
JC Flowers made a bid of £4bn (175p per share) informal offer for the company.
Ethical stance
Friends Provident prides itself on its
ethical stance. It was the first investment house to offer a fully ethical
investment fund called the Stewardship fund.
Sports sponsorships
Friends Provident has signed a three year deal to sponsor the domestic one-day
cricket competition, The
Friends Provident Trophy.
Friends Provident sponsored
Southampton F.C. and help finance the building of
St Mary's Stadium, until
2006.
Global company
Friends Provident has large offices in a number of locations including
Manchester,
Clyst St. Mary in
Exeter,
Preston and
Dorking, and is the second largest employer in
Salisbury. There are also a few smaller area offices such as those in
Sale, Greater Manchester and
Preston.
Internationally Friends Provident has offices in
Luxembourg,
Hong Kong,
Singapore and
Dubai.
Members of the Friends Provident Group
- Friends Provident Life and Pension Limited - Provides life, pension and investment services within the UK
- Friends Provident Life Assurance Limited - Provides life and investment services worldwide under English and Guernsey law.
- Friends Provident International Limited - Formerly Royal and Sun Alliance International but was taken over in 2003. Provides life and investment services worldwide and operates under the law of the Isle of Man.
- F&C Asset Management plc - Provides asset management services for retail and institutional investors including investment management of "in-house" Friends Provident life and pension funds.
- Lombard International Insurance S.A. - Acquired in 2005, providers of high-end Investment and life cover. Inventors and developers of the privatbancassurance concept. Lombard is based in Luxembourg and deals globally.
Friends Provident have merged with and taken over many insurers including: United Kingdom Provident, National Mutual of Australasia (UK and Ireland), and London and Manchester Assurance. The latter was split into two and half was sold on to
Royal Liver Assurance.
Further Information
Get more info on 'Friends Provident'.
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