LONDON May 18 Specialist annuity provider JRP
posted a 13 percent rise in first-quarter new business
sales on Thursday, lifted by strong sales of group annuities to
companies, it said in a statement.
Total new business sales rose to 436 million pounds ($564.18
million). The sales of bulk annuities, which involve the insurer
taking on the risk of a company defined benefit, or final
salary, pension scheme, leapt 191 percent to 125 million pounds.
JRP, formed through the combination of two rival firms last
year, specialises in annuities - the payment of a fixed income
for life - for pensioners with medical conditions which cut
their life expectancy.
Sales of annuities to individuals have suffered following UK
pension changes in the past few years, however, JRP's individual
annuity sales also rose during the quarter, by 7 percent to 174
Lifetime mortgage sales fell 29 percent to 107 million
pounds. The mortgages pay a fixed income against the value of a
property, which is typically handed over as payment on the
"We have enjoyed a solid start to the year and we remain on
track to meet our expectations," Chief Executive Rodney Cook
($1 = 0.7728 pounds)
(Reporting by Carolyn Cohn; editing by Simon Jessop)