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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Just Retire. | LSE:JR. | London | Ordinary Share | GB00B1GN8L66 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 76.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMJR. RNS Number : 8962A Just Retirement (Holdings) plc 16 October 2009 JUST RETIREMENT (HOLDINGS) PLC ("JUST RETIREMENT" OR "THE COMPANY") FIRST QUARTER 2009/10 NEW BUSINESS FIGURES Just Retirement, the specialist UK life assurance group focusing on the provision of financial services to those at or in retirement, today announces its new business figures for the first quarter ended 30th September 2009. HIGHLIGHTS * Record total Q1 Group sales * Current trading remains positive for both products * Recommended acquisition of Just Retirement by Avalon Acquisitions Limited at 76p per share in cash NEW BUSINESS RESULTS +----------------------------+----------------+---------------+-----------+ | GBPm (unaudited) | 3 months ended | 3 months | % change | | | 30 September | ended | | | | 2009 | 30 September | | | | | 2008 | | | | | | | +----------------------------+----------------+---------------+-----------+ | Annuity Policies | 163.5 | 150.4 | 8.7% | +----------------------------+----------------+---------------+-----------+ | Equity Release Mortgage | 50.1 | 33.1 | 51.4% | | Advances | | | | +----------------------------+----------------+---------------+-----------+ | Group Total | 213.6 | 183.5 | 16.4% | +----------------------------+----------------+---------------+-----------+ Mike Fuller, Chief Executive of Just Retirement, commented: "First quarter sales for the Group continue to demonstrate the resilience of Just Retirement's economic model. The first quarter has witnessed further change in our markets with lower but still present volatility in capital. Our ability to manage these changes and to generate sales growth is a credit to the Group. In addition, I am pleased to state that this growth is consistent with our commitment to profitability and capital strength. Current trading remains positive. Our competitive position within enhanced annuities is satisfactory and demand is growing. In equity release, while the market is somewhat subdued by continuing concerns over house price valuations, reduced competition has allowed the Group to improve market share." Enquiries +---------------------------------------+---------------------------------------+ | Just Retirement | Citigate Dewe Rogerson | | +44 (0)1737 233396 | +44 (0)20 7638 9571 | | Mike Fuller, Chief Executive | Michael Berkeley | | Simon Thomas, Finance Director | Ged Brumby | | Shayne Deighton, Chief Actuary | Lindsay Noton | | Scott Fulton, Investor Relations | | +---------------------------------------+---------------------------------------+ Annuities Just Retirement reports continuing recovery in annuity sales performance during the traditionally quieter first quarter of the financial year. Annuity sales of GBP163m represent the second highest quarter in its history, demonstrating the strength of the Group's proposition despite evidence of increased competitor interest in enhanced annuities during the period. Equity release Equity release mortgage advances of over GBP50m for the period are the second highest quarter since launch in 2005. This has been due to the strength of the funding model in the current market environment and stronger business activity levels during the summer holiday period. Current trading The pipeline for annuity sales remains healthy and with recent stock market improvements, Just Retirement believes that the prospects for the enhanced annuity market remain positive. The Group continues to expect some increased demand for equity release as the UK housing market recovers and, critically, seeks to exploit opportunities to improve market share as some of its competitors focus on other areas. Offer update On 25 September 2009, the board of Avalon Acquisitions Limited ("Avalon") and the Independent Directors of Just Retirement (Holdings) plc ("Just Retirement") announced that they had reached agreement on the terms of a recommended proposal for Avalon, a newly incorporated company owned by funds advised by Permira Advisers LLP ("Permira"), to acquire the entire issued and to be issued ordinary share capital of Just Retirement (the "Proposal"). A circular relating to the Proposal was posted to Just Retirement shareholders on 9th October 2009. The court and general meetings to consider the Proposal will be held at 4.30pm and 4.35pm respectively on 4th November 2009 at the offices of Macfarlanes LLP, 20 Cursitor Street, London EC4A 1LT. -ENDS- Notes to Editors Just Retirement (Holdings) plc was founded in 2004 by the current management; it listed on the Alternative Investment Market (AIM) in December 2006. The Group provides two products to those at or in retirement; enhanced annuities and equity release mortgages. Enhanced Annuities Annuities are contracts offered by the Group to people at retirement (annuitants) under which the Group undertakes to make a series of payments in the future in return for the immediate payment of a lump sum to the Group by the annuitant. This lump sum is provided by the annuitant's pension fund. The level of future payments is set according to the rates of return available within the capital markets and the expected longevity of the annuitant. In 2008, the total value of the annuity market in the UK was GBP11.6bn (source: Association of British Insurers "ABI"). Enhanced annuities are offered to people at retirement that may not live as long as average due to lifestyle (smoking, for example) or illness. Given the impact of these factors on longevity, it is possible for providers such as Just Retirement to offer "enhanced" annuity rates to those qualifying. In 2008, the total annual value of the enhanced annuity market in the UK was GBP1.8bn. Just Retirement does not provide pension fund management. As such, it can only offer annuity contracts to those utilising the Open Market Option (OMO). OMO allows pension fund holders to "shop around" for an annuity rather than take that provided by the incumbent pension fund provider. At the end of 2008, the total value of annuities bought using the OMO was GBP5.7bn. Equity Release Mortgages Equity release mortgages are advances made to homeowners in or at retirement. They fall into two main types: lifetime and reversion. Just Retirement only offers lifetime mortgages. This allows the homeowner to borrow a certain amount of capital against the value of their house. Although this advance carries a rate of interest, this is capitalised over the life of the mortgage. The loan, together with the accumulated interest, is repaid at the end of the mortgage. The equity release market is regulated by the FSA and is monitored by the industry body, Safe Home Income Plans (SHIP). The latter estimates that the total UK market for equity release is GBP1.2bn per annum. Quarterly sales; 2007 - 2009 +--------------------------------------------------------------------------------------------+ | 2007/8 2008/9 2009/10 | | Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 | | Annuity 151.5 161.6 147.6 143.8 150.4 121.7 127.5 191.2 163.5 | | policies | | Equity 39.3 34.6 37.1 48.0 33.1 48.7 37.4 43.7 50.1 | | release | | mortgages | | Group 190.8 196.2 184.7 191.8 183.5 170.4 164.9 234.9 213.6 | | total | | | +--------------------------------------------------------------------------------------------+ | | +--------------------------------------------------------------------------------------------+ This information is provided by RNS The company news service from the London Stock Exchange END QRFGUGWCUUPBUAQ
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