NEWS IN BRIEF

Recently floated UK assurer Friends Provident (FP)... has posted a 12% drop in first-half new business sales to £181.6m on an annual premium equivalent basis. FP had already warned about the expected fall when it issued its flotation prospectus in June, ahead of its July 9 launch on the London Stock Exchange. Its life business performed particularly poorly, with new business down by 40% to £45.8m.