JRP Group PLC 3rd Quarter New Business Results (1964O)
03 Novembro 2016 - 5:00AM
UK Regulatory
TIDMJRP
RNS Number : 1964O
JRP Group PLC
03 November 2016
NEWS RELEASE www.jrpgroup.com
3 November 2016
JRP GROUP PLC
NEW BUSINESS UPDATE FOR THE PERIOD ENDED 30 SEPTEMBER 2016
DELIVERING SUSTAINABLE PROFITABLE GROWTH
JRP Group plc ("JRP", "the Group") announces its new business
update for the period ended 30 September 2016.
Highlights
* Total sales up 21% in the nine months ended 30
September 2016 on a pro forma basis
* Guaranteed Income for Life (GIfL) sales up 12% to
GBP603.8m on a pro forma basis
* Defined Benefit De-risking (DB) sales of GBP578.4m,
an increase of 29% on a pro forma basis
* Lifetime Mortgage (LTM) advances of GBP464.7m, an
increase of 27% on a pro forma basis
* Solvency II SCR coverage ratio at 30 June 2016 would
have risen to an estimated 151%, had the recently
issued GBP250m in Tier 2 debt proceeds been in place
* IFRS new business margin guidance of 6% reaffirmed
for the full calendar year
Rodney Cook, Group Chief Executive, said:
"The benefits of the merger to the JRP Group continue to be
demonstrated through both strong sales growth announced today and
favourable margin development announced in September. Total sales
were up 21% on a pro forma basis in the nine months, and 54% in the
quarter ended September. We remain comfortable with our guidance of
a 6% IFRS new business margin for the full calendar year and this
represents levels last achieved before the pension freedoms were
announced in 2014. As we disclosed at interims, we are ahead of
schedule in delivering the synergy benefits of at least GBP45m per
annum with the full run-rate being achieved by 2018.
The strong recovery of our business is demonstrated by our
Retirement Income sales of GBP640.8m in the three months ended
September. This compares to sales of GBP619.2m in the preceding six
months which were impacted by a slow start to the year for Defined
Benefit De-risking sales. Mortgage advances have continued to be
strong, and are still ahead of our 25% of Retirement Income target
for the year to date.
We are successfully adapting our business model to the new
capital environment and remain confident of achieving attractive
internal rates of return on new business once the synergy benefits
are fully realised, well in excess of the recent cost of debt and
our weighted average cost of capital. The combination of increased
margins, strong synergy delivery and sound capital position confirm
the sustainable growth which our business model can deliver.
We are pleased with the support we have received from
institutional investors to our recent GBP250m Tier 2 capital
transaction and this demonstrates their confidence in the Group's
business model and its prospects."
JRP pro forma 9 months 9 months Change 3 months 3 months Change
to to to to
30/9/16 30/9/15 30/9/16 30/9/15
GBPm GBPm % GBPm GBPm %
Defined Benefit De-risking 578.4 449.7 29 414.0 127.6 224
Guaranteed Income for
Life 603.8 540.2 12 206.7 200.6 3
Care Plans 77.8 62.3 25 20.1 21.7 -7
========= ========= ======= ========= ========= =======
Retirement Income sales 1,260.0 1,052.2 20 640.8 349.9 83
Drawdown 14.8 17.0 -13 9.4 3.6 161
========= ========= ======= ========= ========= =======
Total Retirement sales 1,274.8 1,069.2 19 650.2 353.5 84
Protection 3.8 3.1 23 1.5 1.0 50
Lifetime mortgage loans
advanced 464.7 366.7 27 142.9 161.9 -12
========= ========= ======= ========= ========= =======
Total new business sales 1,743.3 1,439.0 21 794.6 516.4 54
========= ========= ======= ========= ========= =======
JRP Statutory 15 months 15 months Change
to to
30/9/16 30/9/15
GBPm GBPm %
Defined Benefit De-risking 1,279.6 712.5 80
Guaranteed Income for
Life 798.6 610.6 31
Care Plans 78.1 17.8 339
========== ========== =======
Retirement Income sales 2,156.3 1,340.9 61
Drawdown 22.0 52.3 -58
========== ========== =======
Total Retirement sales 2,178.3 1,393.2 56
Protection 2.5 0.0 -
Lifetime mortgage loans
advanced 635.2 422.5 50
========== ========== =======
Total new business sales 2,816.0 1,815.7 55
========== ========== =======
Notes
The merger of Just Retirement and Partnership is required for
accounting purposes to be treated as an acquisition by Just
Retirement of Partnership with an effective date of the beginning
of April 2016. Accordingly the statutory information includes 15
months of Just Retirement and six months results of Partnership.
Just Retirement Group plc (renamed JRP Group plc) changed its year
end to 31 December and consequently its next statutory reporting
period will be for the 18 months to December 2016. As a consequence
pro-forma sales data as though the merger took place at the
beginning of January 2015 have been presented to give the market an
understanding of the business of the merged Group.
Enquiries
Investors / Analysts Media
James Pearce, Group Director of Stephen Lowe, Group Communications
Corporate Finance and Investor Director
Relations
Telephone: +44 (0) 7715 085 099 Telephone: +44 (0) 1737 827 301
james.pearce@justretirement.com press.office@justretirement.com
Temple Bar Advisory
Alex Child-Villiers
William Barker
Telephone: +44 (0) 20 7002 1080
A copy of this announcement will be available on the Group's
website www.jrpgroup.com
JRP GROUP PLC
GROUP COMMUNICATIONS
Vale House, Roebuck Close
Bancroft Road, Reigate
Surrey RH2 7RU
This information is provided by RNS
The company news service from the London Stock Exchange
END
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