17th May 2018 10:57
LONDON (Alliance News) - Retirement financial services company Just Group PLC said Thursday it has made a "strong" start to the year as it increased its total new business sales.
For the three months ended March 31, Just Group increased its total new business sales 41% to GBP617 million from GBP436 million the year before.
This was driven by retirement income sales increasing by 43% to GBP454 million from GBP317 million, and in particular its defined benefit de-risking product sales effectively doubled to GBP249 million from GBP125 million year-on-year.
The FTSE 250-listed company said the first quarter rise in defined benefit de-risking sales is down to "employee benefit consultant proactively managing the industry pipeline" as the market becomes "less seasonal".
Shares in Just Group were up 11% to 156.30 pence each Thursday morning.
Chief Executive Rodney Cook said: "We have taken full advantage of buoyant market conditions to make a strong start to the year, especially in defined benefit de-risking. 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 defined benefit de-risking, and we look forward to the remainder of the year."
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