Friends Provident expands in Asia

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Friends Provident expands in Asia

UK-listed pensions company Friends Provident has expanded the scope of its business into the Asian market.

The company, which currently trades in markets in Hong Kong, the United Arab Emirates and Germany, has announced it is to acquire a 30 per cent stake in Malaysian life business, following a deal with AmAssurance.

Chief executive officer of Friends Provident Trevor Matthews said: "It is a modest investment but an important strategic development.

"This is further evidence of our commitment to international growth in general and to Asia in particular."

AmAssurance specialises in agency and bank distribution in Malaysia, and saw its new life business premiums increase by 18 per cent in the year leading up to March 31st, 2008.

Friends Provident will pay RM170 million (£30 million) in cash for its stake in the company upon the deal's completion.

AmAssurance has been in operation for 36 years and has built a portfolio of over 200 banks and 4,000 nationwide representatives in that time.

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