Just Retirement DB sales offset individual annuities decline

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Just Retirement has reported annuity sales almost in line with its pre-Budget numbers, thanks in part to strong defined benefit (DB) sales in the second half of last year.

The provider, one of those immediately flagged as a likely victim of the pension ‘flexibilities' announced by George Osborne in 2014, said it had made total annuity sales of just over £661m in the six months to 31 December last year, down 4% on the pre-Budget comparison period. Though individual annuity sales remain markedly lower, the provider said it completed 17 DB scheme deals in the period, including two for £75m and £76m. The provider said underlying operating profit fell 10% to £42.6m, beating analysts' forecasts of about £38m, according to a poll supplied by the company. Bu...

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