Friends Life creates 'heritage' unit for closed business

New Friends Life chief executive Andy Briggs will oversee the split, which will create a 'heritage' business unit headed by chief commercial officer Evelyn Bourke. The new business, which will sit alongside the group's corporate benefits, retirement income and protection propositions, will cater for some four million customers in products no longer "actively marketed" by the group. It will include customers with with-profits policies sold as far back as the 1970s, unit-linked products including investment bonds, pre-stakeholder pensions and insured final salary pension schemes. Bou...