Sales at Just Retirement plunged by nearly a fifth (18 per cent) in the first three months of the year, quarterly results published today show.
Total sales – including bulk and traditional annuities, drawdown and equity release – fell from £276.1m to £226.7m year-on-year.
Defined benefit de-risking deals fell 54 per cent, to £43m, while drawdown was down 85 per cent, to just £1.7m.
However, comparing the first nine months of this year with 2015, total sales rose 33 per cent, from £1.1bn to £1.5bn.
The results also include the last set of standalone figures for Partnership, which completed its merger with Just Retirement in April.
The smaller firm saw sales grow by a third (28 per cent) in the first quarter of 2016 – from £125.5m in 2015, to £160.5m.
Combined, sales dropped by 4 per cent, to £387m.
JRP Group chief executive Rodney Cook says: “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 DB market looks buoyant, while the improving trend in the individual guaranteed income for life market appears to be continuing.”
He adds the group is still aiming to cut costs by £40m following the merger.
He adds: “Now the merger is effective we can offer even better value to customers, investors and business partners, and I look forward to demonstrating our potential as JRP.”