Sales at the annuity and life provider fell significantly within its pension drawdown business compared to a quarter earlier to reach £1.7m, a fall of 85%.
Despite this, the firm recorded a 32% uplift in lifetime mortgage loans advanced to customers which totalled £82.8m.
Figures for the nine months to the end of March compared more favourably with the same period in 2015. During this period, total new business sales amounted to £1.5bn, rising by 33% up from £1.1bn.
The merger between Just Retirement and annuity and equity release provider Partnership was agreed in May last year and began trading as JRP Group on 4 April.
Business sales at Partnership as a standalone firm were more positive, totalling £160m and rising by 28% on the final quarter of 2015. The results helped soften the blow of Just Retirement’s losses in the group’s overall’s sales, but still saw the merged firms report a 4% fall in new business.
Rodney Cook, group chief executive (pictured), said he remained “positive about the future”.
“The long term future for the DB market looks buoyant, while the improving trend in the individual GIfL [guaranteed income for life] market appears to be continuing.
“Our focus remains very clear: we will continue to deliver on business as usual, whilst executing the merger cost synergies of at least £40m. Now the merger is effective we can offer even better value to customers, investors and business partners, and I look forward to demonstrating our potential as JRP.”
