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 schemes 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.
Budget 2014 heralded huge changes in the retirement landscape, with the key announcement effectively removing the ‘automatic’ purchase of annuities.
However, Just Retirement said it further changes could be on the horizon as we approach the upcoming general election. In a statement published alongside its financial results, it said: “In advance of the 2015 General Election and pre-election Budget, politicians may continue to publicly discuss actual and possible reforms to retirement income legislation, which could create further uncertainty.
“Following the election there may be more changes to the current retirement landscape further increasing the number of retirees deferring their retirement income decisions.”
Additionally, the group said it had received a license to provide retirement income solutions in South Africa.
“I expect us to sell our first policies in this exciting new market later in the year, driven by our underwriting expertise,” CEO Rodney Cook said.
