Just has reported an 11 per cent fall in total new business sales in the 12 months to 31 December 2016, as group chief executive Rodney Cook says the business is “more than delivering the expected benefits” of the 2016 merger between Just Retirement Group and Partnership Assurance.
Total new business sales fell from £2.7bn in 2015 to £2.4bn in 2016.
JRP Group, which was formed after the merger of Just Retirement Group and Partnership Assurance last year, changed its name to Just in January.
The company is still listed on the London Stock Exchange as JRP Group and can table a recommendation to change this at its annual general meeting in May should it wish.
According to a stock exchange business update published today, Just says annuity sales increased by 2 per cent in the period, reflecting the market stabilising following pension freedoms.
Total retirement sales fell by 13 per cent from £2.1bn in 2015 to £1.84bn in 2016.
Pro-forma defined benefit de-risking sales were 24 per cent lower in the period, which the business says it expected due to high sales in the second half of 2015 ahead of Solvency II.
Cook says: “The transformation of our business since the merger is more than delivering the expected benefits. We have adapted the business rapidly in 2016 to the new regulatory environment. This will continue into 2017, with our primary focus on growing earnings by using our combined IP for better risk selection and by driving down costs.”