Just Group boosts annual sales of retirement income products

Financial services company Just Group said it posted a 15% rise in annual new business sales, buoyed by increased demand for retirement income products.

New business sales for the year through December rose to £2.83bn, the company said.

Retirement income product sales rose 15%, while lifetime mortgage advances rose 18%.

Guaranteed income for life sales fell 4%, as as pricing increases affected volumes.

'I am pleased to report on an excellent year for Just,' chief executive Rodney Cook said.

'Despite the challenges we faced we have achieved another year of double digit sales growth and helped more customers than ever.'

'The board is continuing to consider the optimal capital mix and level for the group in order to provide a prudent base to support our new business franchise, and to establish an appropriate dividend policy for shareholders.'

'We remain focused on our disciplined pricing strategy and on achieving attractive returns on capital from new business and we have been increasingly selective in all our three main markets during the second half of the year in order to maximise returns.'

At 8:39am: (LON:JUST) Just Group Plc share price was -0.15p at 99.85p