A 57% slump in individual annuity sales at Just Retirement has been largely offset by a rapid expansion of its buy-in and buyout business, according to the insurer's latest results.
Just Retirements annual results, the first to show fully effects of the 2014 budget, show individual annuity sales dropped from £1.1bn to £478m.
But annual bulk annuity sales rose from £92m to £609m, largely offsetting the fall.
Retirement sales were still down 9.9% on the previous year while pre-tax operating profits slipped 11%.
The medically underwritten annuity specialist was hit hard by the 2014 announcement that regulations that made most retirees buy an annuity were to be relaxed.
It has since announced a planned merger with fellow enhanced annuity specialist Partnership, which it says will save £40m a year.
Chief executive Rodney Cook said: "This is our first full-year set of results since the Budget 2014 pension reforms, and I hope our resilient performance will not be forgotten amid the excitement of the proposed merger with Partnership Assurance Group".
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.
There have now been a total of 30 longevity swaps over £1bn publicly announced. The full list, provided by Willis Towers Watson and through PP research, is as follows...
The Reckitt Benckiser Pension Fund has secured a £415m buy-in with Scottish Widows, insuring the benefits of around half of pensioners.