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Friends Provident |
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| Type | Public (LSE: FP.) |
|---|---|
| Founded | 1832 |
| Headquarters | London, England, UK |
| Key people | Adrian Montague (Chairman), Trevor Matthews, (Group Chief Executive) |
| Products | Insurance, Inheritance tax products, Investment Management Pensions |
| Revenue | £2,506 million (2007) |
| Operating income | £(113) million (2007) |
| Net income | £(70) million (2007) |
| Website | www.fp.com |
Friends Provident plc (LSE: FP.) manages a life assurance business mainly based in the United Kingdom and with offices throughout the world.
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. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.
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The Company was founded by Samuel Tuke and Joseph Rowntree, both Quakers, in 1832 in Bradford as the Friends Provident Institution.1 In 1854 it became a mutual life assurance company. In 1918 it acquired Century Insurance and in 1926 it bought Liverpool Marine & General Insurance.2
In 1986 it merged with UK Provident.3 In 1992 it became 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.4
In 1993 it acquired the UK operations of National Mutual of Australia and in 1998 it acquired London & Manchester Assurance.3
In July 2001 it went through a process or demutualisation and was first listed on the London Stock Exchange.5
On January 21, 2008 JC Flowers made a bid of £4bn (175p per share) as an informal offer for the company6.
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.7
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.7
The Asset Management business - F&C Asset Management plc - manages funds and markets a range of investment products both to personal and institutional customers.8
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 9.
Friends Provident has large offices in a number of locations including Manchester, Clyst St. Mary in Exeter 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.
Friends Provident has signed a three year deal to sponsor the domestic one-day cricket competition, The Friends Provident Trophy.10
Friends Provident sponsored Southampton F.C. and help finance the building of St Mary's Stadium, until 2006.11
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