LONDON, Sept 15 Specialist annuities provider
JRP Group posted on Thursday an above-forecast 12
percent rise in operating profit on a pro-forma basis to 48
million pounds ($63.6 million) in the first half of 2016,
boosted by the integration of a former rival.
JRP, which specialises in annuities for those who have
medical conditions which reduce their life expectancy, was
formed following the effective takeover of Partnership Assurance
by Just Retirement in April.
The pro-forma basis combines the acccounts of the two
companies from the start of the year, rather than from the
completion of the merger, a company spokesman said.
Operating profit was forecast at 42 million pounds,
according to a company-supplied poll.
The firm said its solvency ratio was 134 percent. A ratio of
100 percent means insurers have enough capital to meet
underwriting, investment and operating risks.
JRP also upped its cost saving targets, to at least 45
million pounds on an annualised basis by end-2018, from a
previously-announced 40 million pounds.
The firm said it would pay an interim dividend of 1.1 pence,
in line with forecasts.
($1 = 0.7553 pounds)
(Reporting by Carolyn Cohn, editing by Sinead Cruise)