Life insurer Friends Provident will be valued at the lower end of expectations - at £3.7 billion sterling, or 225p a share - when it demutualises and floats on Monday. The float, the largest this year and which could catapult the firm into the FTSE 100 Index, will trigger windfall payments of £450 for the group's 1.7 million members, who have each been given 200 free shares.
Friends Provident windfalls
Life insurer Friends Provident will be valued at the lower end of expectations - at £3
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