JRP Group PLC BUSINESS UPDATE FOR THE QUARTER ENDED 31 MAR 2017 (4802F)
18 Mai 2017 - 8:00AM
UK Regulatory
TIDMJRP
RNS Number : 4802F
JRP Group PLC
18 May 2017
NEWS RELEASE www.jrpgroup.com
18 May 2017
JRP GROUP PLC
BUSINESS UPDATE FOR THE 3 MONTH PERIOD ENDED 31 MARCH 2017
DISCIPLINED GROWTH
JRP Group plc ("JRP", "the Group") announces a business update
for the period ended 31 March 2017.
Highlights
* Overall total new business sales of GBP436m grew by
13% (pro forma(1) ), driven by a large increase in
Defined Benefit de-risking (DB) volumes, partly
offset by more normal levels of mortgage advances.
Sales were up 92% compared to the statutory Q116
level, which excluded Partnership.
* DB sales were 191% higher (pro forma) at GBP125m. DB
de-risking growth prospects remain very positive, as
we tailor solutions and focus on transactions of less
than GBP250m.
* Guaranteed Income for Life (GIfL) sales were up 7%
(pro forma) to GBP174m, helped by a stabilizing
market and demographic growth. Care sales were GBP17m
due to increased pricing selectivity, offsetting the
increase in GIfL.
* Lifetime Mortgage (LTM) advances fell by 29% (pro
forma) against a tough comparator. At 34% of
Retirement Income sales (Q116 pro forma - 63%), we
took advantage of attractive economics and have
warehoused excess assets for use later in the year.
Pro forma Statutory
3 months 3 months 3 months
JRP new business(2) to to Change to
31/03/17 31/03/16 31/03/16
GBPm GBPm % GBPm
Defined Benefit De-risking 125 43 191 43
Guaranteed Income
for Life 174 163 7 87
Care Plans 17 29 (41) 13
========= ========== ======= ==========
Retirement Income
sales 317 235 35 142
Drawdown 12 2 582 2
========= ========== ======= ==========
Total Retirement
sales 328 237 39 144
Protection 2 1 20 -
Lifetime mortgage
loans advanced 107 149 (29) 83
========= ========== ======= ==========
Total new business
sales 436 387 13 227
========= ========== ======= ==========
Rodney Cook, Group Chief Executive, said:
"While maintaining our strong focus on margins and profit
growth, I am delighted that we have also been able to grow sales in
the first quarter of 2017. Our core GIfL and DB products both grew
well, confirming the momentum of these segments. The DB market
offers sustained growth, and our pipeline in the below GBP250m
segment remains very encouraging. Our profit focus should deliver
IFRS new business margins in excess of the mid 6% range and we
remain on track to deliver a sustainable mid-teen IRR(3) on
shareholder capital deployed in new business by year-end 2018. This
will be helped by the progress being made with the GBP45m merger
cost saving programme. Along with a number of other firms, we have
been granted Prudential Regulation Authority (PRA) approval to
publish a single group Solvency and Financial Condition Report on
30 June. In common with most UK life companies, our capital
position benefits from a significant transitional, in line with the
PRA's stance that recognises transitionals as long term capital.
The directors remain comfortable that the Group's capital position
is appropriate to deliver the growth and returns that we are
targeting. Overall we have enjoyed a solid start to the year and we
remain on track to meet our expectations."
Notes
1. 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 comparative information
includes 3 months of sales by Just Retirement only. Pro forma sales
are presented as though the merger took place at the beginning of
January 2016, in order to give a better understanding of the merged
Group.
2. Numbers in table subject to rounding.
3. IRR: Internal Rate of Return
FINANCIAL CALENDAR DATE
------------------------------------- -------------------
Annual General Meeting 18 May 2017
Final dividend payment date, 26 May 2017
subject to shareholder approval 29 June 2017
Guaranteed Income for Life ("GIfL") 30 June 2017
seminar 13 September 2017
Publication of Solvency & Financial
Condition Report (SFCR)
Interim results for the six months
to 30 June 2017
------------------------------------- -------------------
Enquiries
Investors / Analysts Media
James Pearce, Group Director Stephen Lowe, Group Communications
of Corporate Finance and Director
Investor Relations
Telephone: +44 (0) 7715 Telephone: +44 (0) 1737
085 099 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
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
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