(Alliance News) - Just Group PLC on Tuesday said its retirement income jumped in 2021, hailing a "buoyant" pension de-risking market.
Just Group, based in Reigate, Surrey, provides retirement financial services to individuals and companies. Shares in the company were 6.0% higher at 91.35 pence each in London on Tuesday morning, among the best mid-cap performers.
The company said retirement income sales surged 25% to GBP2.67 billion in 2021. They were boosted by defined benefit de-risking sales jumping 28% to GBP1.94 billion.
Retirement income sales represent the bulk of Just Group's gross premiums written. The company's total revenue also includes net premium revenue and net investment income.
"The defined benefit de-risking market is buoyant in particular over the second half of 2021," Just Group said. "Total DB de-risking sales exceeded GBP1.9 billion, a record for the group. This heightened activity in H2 21 has continued, with a strong pipeline of opportunities available."
"In early 2021 we expanded our proposition in the DB de-risking market to meet fully the needs of schemes and trustees. As a consequence of multi-year de-risking journeys, scheme funding levels across the industry have improved. This has increased the deferred part of the DB market with more schemes able to afford full scheme de-risking as opposed to pensioner-only de-risking. We expect this trend to continue."
Just Group is penned to report annual results on March 10.
By Eric Cunha; ericcunha@alliancenews.com
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Just Group (JUST)