The management of UK life insurance provider Friends Provident is hoping its strong track record on ethical investment will attract investors to its £3.8bn (€6.2bn) initial public offering.

The company is in the process of transforming itself into a publicly listed entity. It will issue free shares worth £2.3bn to its members, capital increase shares worth £1bn to customers and institutional investors, and a further £400m in new shares to business partners.