Board Appointment
14 Settembre 2006 - 01:30PM
UK Regulatory
RNS Number:9539I
Friends Provident PLC
14 September 2006
14 September 2006
Friends Provident plc board appointment
Friends Provident, the FTSE 100 life and assurance company, has appointed Sir
Mervyn Pedelty, 57, as a non-executive director with effect from 1 October 2006.
He was chief executive of The Co-operative Bank from 1997 until his retirement
in December 2004 and in addition, he was chief executive of Co-operative
Financial Services and the Co-operative Insurance Society from 2002 until
December 2004.
He is currently a non-executive director of Hiscox plc, chair of the FTSE4GOOD
Policy Committee, a director of Business in the Community, and was a member of
the Department for Work and Pensions Employer Task Force on Pensions.
After completing his professional training, Sir Mervyn worked in a range of
senior finance and general management roles, eventually joining TSB Group plc in
1987, where he was appointed chief executive of commercial operations and group
risk director in 1992. He became a partner at L.E.K Consulting LLP in 1996.
Sir Adrian Montague, chairman of Friends Provident, commenting on the
appointment, said:
"I am delighted to welcome Mervyn to the board. His work with a range of
organisations that benefit the community, in addition to his considerable
financial experience, will benefit Friends Provident greatly."
Sir Mervyn Pedelty, commenting on his appointment, said:
"Friends Provident is a company that has developed a reputation for balancing
strong market performance with a progressive and ethical culture. I am delighted
to become an active participant in its further development".
- Ends -
For further information, please contact:
Nick Boakes Friends Provident plc 0845 641 7814
Di Skidmore Friends Provident plc 0845 641 7833
Ref: G137
About Friends Provident
Friends Provident plc is the holding company of the Friends Provident Group of
companies and a member of the FTSE 100. With more than 2.5 million customers the
Group employs nearly 5,000 staff in its three core businesses: UK Life &
Pensions, International Life & Pensions and Asset Management.
The business was founded in 1832 on Quaker principles and aimed to alleviate the
hardship of families facing misfortune. Friends Provident has embraced corporate
governance and achieving high standards of corporate behaviour and
accountability to both stakeholders and customers is at the heart of our
business. In 2001 the company established the grant-making charity The Friends
Provident Foundation with the aim to encourage new ways of thinking about how
money can be used to solve a wide range of problems.
Fast growing
International Life & Pensions:
* Friends Provident International - 2005 full-year new business up 32% on
2004
* Lombard - new business compound annual growth rate 28% over last 10
years
UK Life & Pensions:
* Market share grown in each of last 3 years, from 3.4% in 2002 to 4.7% in
2005
Asset Management:
* Funds under management up from c#30 billion at listing to more than #110
billion at 31 March 2006
Financially strong
* With Profits Fund surplus #236m and Risk Capital Margin #276m at 31
December 2005
* Life & Pensions excess capital resources in accordance with FRS 27 #1.8
billion at 31 December 2005
* Regulatory solvency: Free Asset Ratio 18.3% at 31 December 2005
For more information on Friends Provident including, images, awards, fast facts,
presentations, and media contacts please visit the media section at
www.friendsprovident.com/media
This information is provided by RNS
The company news service from the London Stock Exchange
END
BOAGGGMLMDMGVZM