Friends Provident shares rise after results

Shares in life assurer Friends Provident Plc jumped yesterday after the group reported a rise in third quarter sales and said that it was well placed despite volatile market conditions.

The group said sales of life savings and pension products rose 7% to 142 million on an annual premium equivalent basis - a standard measure used to iron out short-term volatility.

The result boosted Friends shares by over 8% and gave some relief to an insurance sector that has been hammered this year by the stock market slump. Rival Britannic added 4.8% and Legal & General rose 2.9%.