Buy-in business offsets individual annuity slump at Just Retirement

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".

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• Topics
• Risk Reduction
• Just Retirement
• buyout