14th Jan 2021 09:40
(Alliance News) - Shares in Just Group PLC climbed on Thursday after the retirement products firm hailed its "pleasing" 2020 performance, shaking off Covid-19 worries.
Shares in the company were 16% higher at79.75 pence each in London on Thursday morning.
Retirement income sales rose 12% to GBP2.15 billion from GBP1.92 billion in 2020, helped by a 22% surge in defined benefit de-risking premiums to GBP1.51 billion.
"The defined benefit market remains buoyant - this has been the second highest year for market transaction volumes and the industry pipeline is very strong. During the year we have written 23 transactions. DB De-risking sales in the second half of the year were over GBP1 billion, a record six months for the group," Just Group explained.
"The market for guaranteed income for life solutions has continued to recover following the Covid-19 related sales disruption in the first half of the year. Sales in the second half were similar to the second half of 2019."
Guaranteed Income for Life sales fell 7% in 2020 to GBP637 million.
On the company's 2020 trading, Chief Executive David Richardson said: "This performance is particularly pleasing against the challenging and uncertain backdrop of Covid-19 that we faced during 2020."
The company added that its solvency II capital ratio improved nine percentage points from 145% at the end of June, helped by the GBP177 million net proceeds from a debt issue back in October.
Just Group will report on its 2020 results on March 11.
By Eric Cunha; [email protected]
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