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Just Group annual retirement income boosted by new business wins
StockMarketWire.com
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Financial services company Just Group reported a rise in annual retirement income sales on new business wins.
The company also said it had further reduced its exposure to UK property risk following the sale of a book of £540 million of lifetime mortgages.
For the year ended 31 December 2020, Retirement Income sales were up 12% to £2.1 billion, with defined benefit de-risking sales rising 22% during the year to £1.5 billion.
'During the year we have written 23 transactions. DB De-risking sales in the second half of the year were over £1bn, a record six months for the group,' the company said.
The market for guaranteed income for life solutions had continued to recover following the COVID-19 related sales disruption in the first half of the year, with sales in the second half similar to the second half of 2019, the company said.
The company sold its beneficial interest in £540 million of lifetime mortgages, which was approximately 8% of its mortgage portfolio at year-end.
The solvency II capital ratio was 145% at 30 June 2020. At 9:37am: (LON:JUST) Just Group PLC share price was 0p at 48.3p
Story provided by StockMarketWire.com
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