Profits rise for Friends Provident owner

The new owner of Friends Provident announced a sharp rise in profits at the life assurer today but said tough trading conditions in the UK reinforced the case for more deals in the sector.

Buy-out firm Resolution acquired Friends Provident at the end of last year and is on the verge of completing £2.75bn (€3.33bn) takeover of Axa's UK life and pensions arm.