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Just Retirement reports half-year results

28th February 2014

JUST RETIREMENT GROUP PLCINTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2013 A SOLID PERFORMANCE IN A CHALLENGING MARKET.

Financial Highlights

Operating profit before tax amounted to £40.7m, up 11 per cent (HY 2012/13: £36.7m), and on track to meet our expectations for the full year.

Underlying operating profit amounted to £47.3m, down 7 per cent (HY 2012/13: £50.9m), mainly due to lower individually underwritten annuity sales volumes.

Total new business sales of £906m, down 4 per cent (HY 2012/13: £947m). Annuity sales down by 14 per cent at £688m in line with expectations, reflecting the impact of gender neutral pricing and Retail Distribution Review. However, this reflects 15 per cent per annum growth in annuity sales since 2011.

Group embedded value increased to £892m.

Strong capital position with an economic capital coverage ratio of 188 per cent.

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