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Trading statements

JRP new business margins to exceed forecasts

02 February 2017 09:31

JRP Group said its core focus on pricing discipline meant that its IFRS new business margin for 2016 should exceed previous guidance and was now likely to exceed 6% (2015 pro forma - 3.6%).

It said this expansion had been helped by pricing and risk selection, as well as attractive mortgage yields.

The group said that pro forma sales - as if the Just Retirement-Partnership merger had taken place on 1/1/15 - were up 2% for guaranteed income for life.

It said this confirmed the stabilisation of this market post pension freedom and choice and its addressable market was expected to grow in 2017, boosted by growth in the open market.

It said pro forma defined benefit de-risking sales were 24% lower, as fully expected, given the exceptionally high sales in the second half of 2015 ahead of the introduction of Solvency II.

It added: "The underlying growth rate is better indicated by pro forma DB sales in 2016 which were up 37% compared to pro forma 2014 sales. Future growth prospects remain very positive for the segment.

Pro forma lifetime mortgage (LTM) advances fell by 6% (reflecting the lower DB sales), but at 32% of GIfL and DB sales were ahead of the group's 25% target.

At 9:31am: (LON:JRP) JRP Group PLC share price was +7.2p at 153.8p

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