Just Group PLC BUSINESS UPDATE FOR THE PERIOD ENDED 30 SEPT 2017 (1533V)
01 November 2017 - 6:00PM
UK Regulatory
TIDMJUST
RNS Number : 1533V
Just Group PLC
01 November 2017
NEWS RELEASE www.justgroupplc.co.uk
1 November 2017
JUST GROUP plc
BUSINESS UPDATE FOR THE PERIOD ENDED 30 SEPTEMBER 2017
CONTINUED PRICING DISCIPLINE, FURTHER COST SYNERGIES
Just Group plc(1) ("Just", "the Group") announces a business
update for the period ended 30 September 2017.
Highlights
-- Total Retirement sales for 9M 17 were 1% lower
than the pro forma(2) nine month comparative
figure as we continue to focus on profit growth.
Statutory basis total sales rose 3% from GBP1,583m
in 9M 16 to GBP1,631m in 9M 17
-- Guaranteed Income for Life (GIfL) 9M 17 sales
were broadly flat, but with sales continuing
to benefit from individual customers transferring
from defined benefit pensions to a drawdown
and GIfL mix
-- Defined Benefit De-risking sales of GBP564m
in 9M 17 were broadly in line with pro forma
9M 16
-- 9M 17 Lifetime Mortgage (LTM) advances of GBP367m
amounted to 30% of Retirement Income sales,
as we continue to optimise matching
-- Merger cost savings now exceed the GBP45m revised
target run rate and remain a key element of
delivering a better return on equity across
the business.
Pro forma Statutory
9 months 9 months 9 months
to to to
Just Group new business(3) 30/09/17 30/09/16 Change 30/09/16
GBPm GBPm % GBPm
Defined Benefit De-risking 564 578 (2) 578
Guaranteed Income
for Life 607 604 1 527
Care Plans 52 78 (33) 62
---------- ---------- ------- ----------
Retirement Income
sales 1,223 1,260 (3) 1,167
Drawdown 37 15 148 15
---------- ---------- ------- ----------
Total Retirement
sales 1,260 1,275 (1) 1,182
Protection 4 4 11 3
Lifetime mortgage
loans advanced 367 465 (21) 398
---------- ---------- ------- ----------
Total new business
sales 1,631 1,743 (6) 1,583
---------- ---------- ------- ----------
Rodney Cook, Group Chief Executive, said:
"Our focus on margin rather than volume continues to deliver
profit growth. This disciplined pricing approach and further
progress in achieving cost synergies mean margins and IRRs(4)
continue to improve. The group's return on equity will benefit as a
result, and we remain on track to deliver a sustainable capital
model. Our successful focus on sustainable growth in attractive
markets gives us increasing confidence of delivering on full year
expectations."
New business sales by quarter (GBPm, Pro forma)
30 Sep 30 Jun 31 Mar 31 Dec 30 Sep 30 Jun 31 Mar
3 months to: 2017 2017 2017 2016 2016 2016 2016
Defined Benefit
De-risking 269 170 125 365 414 121 43
Guaranteed Income
for Life 217 216 174 174 207 234 163
Care Plans 18 17 17 19 20 29 29
------- ------- ------- ------- ------- ------- -------
Retirement Income 504 403 317 559 641 384 235
Drawdown 14 11 12 10 9 4 2
------- ------- ------- ------- ------- ------- -------
Total Retirement
sales 518 414 328 569 650 388 237
Protection 1 1 2 1 2 1 1
LTM loans advanced 137 124 107 95 143 173 149
------- ------- ------- ------- ------- ------- -------
Total new business
sales 656 539 436 665 795 562 387
------- ------- ------- ------- ------- ------- -------
Notes
1. The company changed its name from JRP Group plc to Just Group
plc at the AGM on the 18(th) May 2017.
2. 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 9 months of sales by Just Retirement but only 6 months by
Partnership. 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.
3. Numbers in table subject to rounding.
4. IRR: Internal Rate of Return
Enquiries
Investors / Analysts Media
James Pearce, Director Stephen Lowe, Group Communications
of Group Finance Director
Telephone: +44 (0) 7715 Telephone: +44 (0) 1737
085 099 827 301
james.pearce@wearejust.co.uk press.office@wearejust.co.uk
Paul Kelly, Investor Relations Temple Bar Advisory
Manager Alex Child-Villiers
Telephone: +44 (0) 20 7444 William Barker
8127 Telephone: +44 (0) 20 7002
paul.kelly@wearejust.co.uk 1080
================================ =====================================
FINANCIAL CALENDAR DATE
=========================== =================
Lifetime mortgage seminar 23 November 2017
=========================== =================
Results for the year ended 15 March 2018
31 December 2017
=========================== =================
A copy of this announcement will be available on the Group's
website www.justgroupplc.co.uk
JUST 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
TSTFDMFMFFWSESS
(END) Dow Jones Newswires
November 01, 2017 03:00 ET (07:00 GMT)
Just (LSE:JUST)
Historical Stock Chart
From Apr 2024 to May 2024
Just (LSE:JUST)
Historical Stock Chart
From May 2023 to May 2024