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BUSINESS UPDATE FOR 6 MONTH PERIOD ENDED 30/6/17

18 Jul 2017 07:00

RNS Number : 1834L
Just Group PLC
18 July 2017
 

NEWS RELEASE

www.justgroupplc.co.uk

18 July 2017

JUST GROUP plc

BUSINESS UPDATE FOR THE 6 MONTH PERIOD ENDED 30 JUNE 2017

DELIVERING OUR STRATEGY OF GROWTH WITH BETTER MARGINS

 

Just Group plc1 ("Just", "the Group") announces a business update for the 6 months ended 30 June 2017.

 

Highlights

·

Retirement Income sales were up 16% on a pro forma2 basis. Total sales rose 24% on a statutory basis

·

Defined Benefit De-risking (DB) sales of £296m were up 80% versus H116, confirming the momentum of the first quarter. We are well positioned going into the seasonally busy second half of the year

·

Q217 Guaranteed Income for Life (GIfL) sales improved by 24% from Q117, helped by individual customers transferring from a defined benefit pension to a drawdown and GIfL mix. First half sales were down 2% on a pro forma basis

·

Lifetime Mortgage (LTM) advances of £230m amounted to 32% of Retirement Income sales, as we focused on originating LTMs which are a good match to our liabilities

 

Just Group new business3

6 months to

30/06/17

Pro forma

6 months to

30/06/16

Change

Statutory

6 months to

30/06/16

£m

£m

%

£m

Defined Benefit De-risking

296

164

80

164

Guaranteed Income for Life

390

397

(2)

321

Care Plans

34

58

(41)

41

Retirement Income sales

720

619

16

527

Drawdown

22

5

n/a

5

Total Retirement sales

742

625

19

532

Protection

3

2

17

1

Lifetime mortgage loans advanced

230

322

(28)

255

Total new business sales

975

949

3

788

 

Rodney Cook, Group Chief Executive, said:

"These figures show the continuing benefits of the merger. We have continued to grow, helped by our vibrant new brand, whilst maintaining our focus on careful risk selection. We have reached our original £40m cost synergy target more than a year ahead of plan and we will now strive to exceed the updated target of £45m in savings.

As we explained at our recent seminar, we expect our accessible GIfL market to grow over the medium to longer term, driven by demographics, individual customer defined benefit transfers, and a continued expansion of the open market. The DB market is set for continued expansion as increasing numbers of trustees seek to de-risk their pension liabilities. LTM prospects remain very positive as property rich, but pension poorer individuals prepare to retire.

Our focus remains on improving shareholder profits and returns, not on volume growth for its own sake. We will continue to take advantage of market growth by refining our risk selection and asset/liability management. Together with our progress on costs, this means margins and IRRs4 and ultimately our ROE will continue to benefit. H117 margins are expected to have exceeded 7.0%. We remain comfortable with full year expectations, albeit with more moderate volume growth and higher margins than previously expected.

We continue to retain financial flexibility, with low levels of gearing and an increasingly capital efficient business model. In addition, we recently added to our financial flexibility by agreeing a £200m five year revolving credit facility on attractive terms.

We see this as a strong start to the year with more to come."

 

 

 

New business sales by quarter (£m, Pro forma)

3 months to:

30-Jun-17

31-Mar-17

31-Dec-16

30-Sep-16

30-Jun-16

31-Mar-16

Defined Benefit De-risking

170

125

365

414

121

43

Guaranteed Income for Life

216

174

174

207

234

163

Care Plans

17

17

19

20

29

29

Retirement Income

403

317

559

641

384

235

Drawdown

11

12

10

9

4

2

Total Retirement sales

414

328

569

650

388

237

Protection

1

2

1

2

1

1

LTM loans advanced

124

107

95

143

173

149

Total new business sales

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 18th May 2017.

2. The merger of Just Retirement and Partnership is 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 statutory comparative information includes 6 months of sales by Just Retirement but only 3 months by Partnership. Pro forma sales are presented as though the merger took place at the beginning of January 2016, in order to give a better understanding of the merged Group.

3. Numbers in table subject to rounding.

4. IRR: Internal Rate of Return

 

 

Enquiries

 

Investors / Analysts

 

James Pearce, Group Director of Corporate Finance and Investor Relations

 

Telephone: +44 (0) 7715 085 099

james.pearce@wearejust.co.uk

 

Paul Kelly, Investor Relations Manager

Telephone: +44 (0) 20 7444 8127

paul.kelly@wearejust.co.uk

 

 

 

Media

 

Stephen Lowe, Group Communications Director

 

 

Telephone: +44 (0) 1737 827 301

press.office@wearejust.co.uk

 

Temple Bar Advisory

Alex Child-Villiers

William Barker

Telephone: +44 (0) 20 7002 1080

 

 

FINANCIAL CALENDAR

 

DATE

Interim results for the six months to 30 June 2017

13 September 2017

 

 

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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