Just Group PLC BUSINESS UPDATE FOR THE QUARTER ENDED 31 MAR 2018 (3409O)
May 17 2018 - 2:00AM
UK Regulatory
TIDMJUST
RNS Number : 3409O
Just Group PLC
17 May 2018
NEWS RELEASE www.justgroupplc.co.uk
17 May 2018
JUST GROUP plc
BUSINESS UPDATE FOR THE 3 MONTHS ENDED 31 MARCH 2018
A STRONG START TO THE YEAR
Just Group plc(1) ("Just", "the Group") announces a business
update for the 3 months ended 31 March 2018.
Highlights
-- Retirement Income sales for Q1 18 were 43% higher compared to
Q1 17, driven by Defined Benefit De-risking ("DB")
-- Q1 18 DB sales were GBP249m, up 99% compared to Q1 17. We have
seen a marked increase in opportunities this year as employee
benefit consultants proactively manage the industry pipeline
and as the market becomes less seasonal
-- Guaranteed Income for Life ("GIfL") sales were up 8% to GBP188m
in Q1 18. GIfL continues to benefit from regulatory initiatives
to encourage shopping around. We continue to invest in HUB, our
corporate solutions business, to grow our addressable market
further
-- Q1 18 Lifetime Mortgage ("LTM") advances of GBP151m were up 42%,
in line with the growth in Retirement Income. LTM advances amounted
to 33% of Retirement Income sales, as we continue to optimise
matching
3 months to 3 months to
Just Group new business(2,3) 31/03/18 31/03/17 Change
GBPm GBPm %
Defined Benefit De-risking 249 125 99
Guaranteed Income for Life 188 174 8
Care Plans 17 17 2
------------ ------------ -------
Retirement Income sales 454 317 43
Drawdown 11 12 (2)
------------ ------------ -------
Total Retirement sales 465 328 42
Protection 1 2 (50)
Lifetime mortgage loans advanced 151 107 42
------------ ------------ -------
Total new business sales 617 436 41
------------ ------------ -------
Rodney Cook, Group Chief Executive, 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."
New business sales by quarter (GBPm)
31 Mar 31 Dec 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
3 months to: 2018 2017 2017 2017 2017 2016 2016 2016 2016(4)
Defined Benefit De-risking 249 434 269 170 125 365 414 121 43
Guaranteed Income
for Life 188 213 217 216 174 174 207 234 163
Care Plans 17 20 18 17 17 19 20 29 29
------- ------- ------- ------- ------- ------- ------- ------- ---------
Retirement Income 454 666 504 403 317 559 641 384 235
Drawdown 11 14 14 11 12 10 9 4 2
------- ------- ------- ------- ------- ------- ------- ------- ---------
Total Retirement
sales 465 681 518 414 328 569 650 388 237
Protection 1 2 1 1 2 1 2 1 1
LTM loans advanced 151 142 137 124 107 95 143 173 149
------- ------- ------- ------- ------- ------- ------- ------- ---------
Total new business
sales 617 826 656 539 436 665 795 562 387
------- ------- ------- ------- ------- ------- ------- ------- ---------
Notes
1 The company changed its name from JRP Group plc to Just Group plc at
the AGM on the 18(th) May 2017
2 Totals and numbers in table are subject to rounding
3 Protection closed to new business in Q4 17, and Q1 18 Protection new
business sales represent existing applications in the pipeline
4 The merger of Just Retirement and Partnership was required for accounting
purposes to be treated as an acquisition by Just Retirement of Partnership
with an effective date of the beginning of April 2016. Accordingly, the
new business sales for the quarter ended 31 March 2016 are presented
on a pro forma basis as though the merger took place at the beginning
of January 2016
Enquiries
Investors / Analysts Media
James Pearce, Director of Group Stephen Lowe, Group Communications
Finance Director
Telephone: +44 (0) 7715 085 099 Telephone: +44 (0) 1737 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
Paul Kelly, Investor Relations Manager Temple Bar Advisory
Telephone: +44 (0) 20 7444 8127 Alex Child-Villiers
paul.kelly@wearejust.co.uk William Barker
Telephone: +44 (0) 20 7002 1080
FINANCIAL CALENDAR DATE
Interim results for the 6 months 6 September 2018
ended 30 June 2018
=================
A copy of this announcement will be available on the Group's
website www.justgroupplc.co.uk
JUST GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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