Just Group FY total new business sales rise 15%

Retirement products provider Just Group said full year new business sales rose 15% to £2.8bn as companies continued to pass on pension scheme risk.

Defined benefit sales were up 32% to £1.3bn, “reflecting a strong year for the market”, the company said, adding that following record volumes in earlier quarters it was able to be “increasingly selective” on transacted business in the final three months.

Chief executive Rodney Cook said the results had been achieved despite “significant regulatory uncertainty” caused by changes to solvency rules on equity release mortgages.

Guaranteed income for life sales fell 4% per cent to £786m, after a slowdown in the last quarter of 2018 due to price increases as a result of the rule changes.

“Despite the challenges we faced we have achieved another year of double digit sales growth and helped more customers than ever,” Cook said.