Just Retirement sees profit jump

Retirement products business Just Retirement Group Plc reported a 43 per cent jump in first-half operating profit, and said its merger with Partnership Assurance would complete next month.

Just Retirement said total retirement sales of £996.2m were up more than 50 per cent in the first half ended December 31.

Bulk annuity sales - taking on the risk of company defined benefit pension schemes - almost doubled to £701.2m.

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Rodney Cook, chief executive of Just Retirement, said: “The group demonstrated further positive momentum in the second half of 2015, with a 50 per cent increase in sales and a 43 per cent increase in operating profit.

“In addition to this strong performance we are about to complete our merger with Partnership Assurance.

“We are pleased with our progress to date in the evolving pensions landscape and changing regulatory environment.”