Just Retirement Partnership Group’s total new business sales in the nine months to the end of March were 33 per cent higher than the same period the year before.
Defined benefit de-risking sales in 2015-16 for Just Retirement were up by double that, driven by the strong fourth quarter, ahead of the implementation of Solvency II.
However, DB de-risking sales then fell across the first quarter by 54 per cent, compared to the same period last year.
Additionally, Just Retirement’s combined annuity and care sales were up 2 per cent over the last nine months, compared to the previous period. Together with the DB side, this drove a 30 per cent increase in Just Retirement’s total retirement sales.
Lifetime mortgage advances by Just Retirement represented an increase of 44 per cent on 2014-2015.
Meanwhile, pre-merger Partnership Assurance Group’s guaranteed income for life sales rose 41 per cent, compared to the first quarter in 2015.
The JRP Group would have witnessed broadly flat guaranteed income for life sales on a combined basis during the first quarter, according to the statement, suggesting some stabilisation of this market.
Rodney Cook, group chief executive, pointed out the merger did not become effective until after the quarter end, but Partnership’s first quarter sales “held up well in the individual market” and the combined group would have had a steady first quarter.
“I remain positive about the future, and we reiterate the outlook comments we made at our recent interim results.
“The long term future for the defined benefit market looks buoyant, while the improving trend in the individual guaranteed income for life market appears to be continuing.”
He added the group will continue to deliver on business as usual, whilst executing merger cost synergies of at least £40m.
ruth.gillbe@ft.com
