Insurer Friends Provident gave an upbeat outlook for its business after a leap in over-seas sales boosted annual profits, and said it could benefit from probable consolidation in the industry.
Friends Provident said it expected to continue to win market share and it could gain more from takeover activity elsewhere, after bigger rival Aviva proposed a £17 billion takeover of Prudential.
"Probably over the next three to five years there will be more bits of consolidation because it tends to happen in any industry," chief executive Keith Satchell said.
"To the extent it happens around us, if there is disruption to the market we would see that that could present us with opportunities to grow our business."
Since listing in 2001, Friends has regularly been seen as a takeover target, but Mr Satchell declined to comment on whether he had received an approach.
"All I would say is I believe we are a very attractive business," he said.
Friends is the country's fourth-biggest insurer, with Aviva and Prudential ranked first and second respectively.
Prudential last week rejected Aviva's informal all-share offer. Aviva has said it may come back with a higher bid.
Friends Provident raised hopes that it could grab more of the UK life and pensions market from its rivals after posting a 34 per cent rise in underlying profits.
The insurer predicted that the market would grow between 8-10 per cent this year as Britons become conscious of the need to put more money away for their retirement in private pension plans.
Sales of protection products could also jump if the housing market recovers - as seems likely.
Friends said its share of the UK life and pensions market rose from 4.3 per cent to 4.7 per cent last year and new business premiums increased 21 per cent to £3.19 billion, although there was a trend towards lower margin work.
Combined with its efforts to expand overseas which now delivers more than 40 per cent of its life and pensions new business, Friends said under-lying pretax profits accelerated from £392 million in 2004 to £524 million last year.
In the UK, Friends said the 22 distribution agreements that it secured over the past 12 months should help it to expand in the market for protection products in 2006.
While new business in this area fell eight per cent to £400 million last year as the housing market slowed, it was offset by growth of 15 per cent in investments to £672 million and a 48 per cent improvement in group pensions to £1.58 billion.
Friends listed on the stock market in 2001 and has grown its overseas business through deals such as its £183 million purchase of Lombard International.