Friends Provident is to shed its mutual status and seek a listing on the London Stock Exchange. The company announced the change in status amid growing pressure from its members in the UK for conversion, who stand to benefit from windfall gains of free shares if the company goes to the market. The move will not benefit Friends First policy-holders in Ireland, however, as this company was demutualised in 1991 and is now part of the European Eureko alliance. When it was demutualised, Irish holders of its with-profits policies received a bonus payment from the company.

The Dorking-based mutual, which was founded by Quakers in 1832, has been under pressure from carpetbaggers to convert to a public company and pay windfalls of at least £1,000 (€1,270) to its 1.7 million qualifying policyholders.