British life insurer Friends Provident reported a 14 per cent increase in annual life and pension sales on Friday and said it expected to expand its share of the British market in 2004.
The company bucked the trend for flat or falling sales in the sluggish British life sector, aided by the consolidation of offshore businesses acquired in late 2002 and a new life assurance distribution agreement with Britain's biggest estate agency Countrywide Assured.
New business sales rose to £429.2 million sterling from £377 million on an annual premium equivalent basis - a standard measure used to iron out volatility. Analysts had a consensus estimate of £427 million.
"These results are a testament to our market leading systems and quality of service," chief executive Mr Keith Satchell said in a statement. "We expect to again increase our market share in 2004."
Overall, life and pensions sales in the fourth quarter inched up to £116.7 million from £114 million in the previous three months.
Sales of group pensions, Friends' target niche market, rose nearly 12 per cent over the year to £176 million.