March 10, 2017 / 7:08 AM / 4 months ago

BRIEF-Insurer JRP 2016 operating profit rises 58 pct

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March 10 (Reuters) - Jrp Group Plc

* Preliminary results for 18 m period end 31/12/16

* Pro forma adjusted operating profit grew 58% in calendar year 2016 to £164m.

* Increase was driven by an 82% growth in new business profit to £124m

* Ifrs statutory profit before tax for 18 months to december 2016 was £199m

* Retirement income sales falling 13%

* Ifrs new business margins increasing from 3.3% to 6.8

* £30m run rate synergies achieved out of £45m 2018 target

* Merger integration delivered run rate savings of £30m by end of 2016, one year ahead of schedule

* We estimate group solvency ii coverage ratio rose to 151% at year-end (h1 2016: 134%)

* Board proposes a 2.4p final dividend, taking calendar year total to 3.5p, a 6% increase

* Our addressable market is growing as pensions companies put broking services in place to give their retiring customers access to open market

* We remain selective in relation to new business Source text for Eikon: Further company coverage:

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