May 17, 2018 / 6:29 AM / 8 months ago

Just Group Q1 retirement sales jump, beat forecast

LONDON, May 17 (Reuters) - Specialist pensions provider Just Group posted a 43 percent rise in retirement income sales in the first quarter, helped by strong performance in company pension scheme business, it said on Thursday.

Just, which specialises in annuities for people with shortened life expectancy, recorded retirement income sales of 454 million pounds ($615.31 million), it said in a trading statement.

Sales of bulk annuities - insuring company defined benefit, or final salary, pension schemes - jumped 99 percent to 249 million pounds.

Sales of individual annuities, which pay a fixed income for life, rose 8 percent to 188 million pounds.

“The pipeline remains strong across our main products, particularly in defined benefit de-risking,” Chief Executive Rodney Cook said.

Retirement income sales were 14 percent above consensus estimates, Numis analysts said, describing the results as “exceptionally strong” and reiterating their buy rating on the stock.

$1 = 0.7378 pounds Reporting by Carolyn Cohn, editing by Sinead Cruise

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