Enhanced annuity provider Just Retirement has reversed its fortunes by posting a £30 million pre-tax loss despite a five-fold increase in its defined benefit de-risking sales, due to an overall fall in retirement product sales.
The provider, which announced a merger with fellow enhanced annuity provider Partnership in August, said in its full year results for the year ended 30 June 2015 that it made a £30 million pre-tax loss, down significantly from the £93 million pre-tax profit the previous year and had also seen a 56.8% drop in sales of its guaranteed income for life solutions, as sales fell to £478 million from the £1.1 billion seen in 2014. Read more at New Model Advisor