Pensions 

Just sales increase 41% in first quarter

Just sales increase 41% in first quarter

Just's sales were up 41 per cent in the first quarter of 2018.

The retirement income provider's total new business sales for the first three months of 2017 were £617m, compared with £436m in the same period last year.

The increase in sales was driven by growth in Just's defined benefit (DB) de-risking business, where sales almost doubled from £125m last year to £249m in the first quarter of 2018.

Other parts of the business also grew, but at a slower rate. Sales of care plans were up 2 per cent to £17m and sales of guaranteed income for life products were up 8 per cent to £188m.

In the first quarter Just advanced £151m in lifetime mortgage loans, up 42 per cent from the same period last year.

Rodney Cook, chief executive of Just, said: "We have taken full advantage of buoyant market conditions to make a strong start to the year, especially in DB. We have maintained our financial discipline and are in a position to price even more selectively over the balance of the year.

"The pipeline remains strong across our main products, particularly in DB de-risking, and we look forward to the remainder of the year."

Mr Cook said the opportunities for DB de-risking were increasing as employee benefit consultants were proactively managing the industry pipeline and the market was becoming less seasonal.

Just's protection sales fell by 50 per cent, from £2m to £1m and its sales of drawdown fell by 2 per cent, to £11m.

The company was formed by the merger of Just Retirement Group and Partnership Assurance in August 2015 and rebranded as Just in early 2017.

damian.fantato@ft.com

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