(Reuters) - British annuity provider Just Group (JUSTJ.L) reported a fall in total retirement sales for the third quarter against the same period last year and said it had exceeded its merger driven cost savings target of 45 million pounds ($59 million).
The company, which was formed by the merger of Just Retirement and Partnership Assurance in 2016 and specialises in annuities for people with reduced life expectancy, reported total retirement sales of 518 million pounds for the quarter to Sept. 30, from 650 million ponds a year earlier.
Bulk annuity sales, which help companies offset the risks of paying their defined benefit pension schemes, fell to 269 million pounds for the same period, from 414 million pounds a year earlier.
For the nine months ended Sept. 30, retirement income sales fell to 1.22 billion pounds, missing company supplied consensus estimates by a percent, while bulk annuity sales fell to 564 million pounds, falling 4 percent short of estimates.
($1 = 0.7529 pounds)
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong