The figure comprised of £68 million of individually underwritten annuity sales, broadly flat year on year and a 26% increase on Q1 sales, the last quarter before the Pensions Freedoms were implemented.
Quote volumes for IUAs in September and October were approximately a third higher than April 2015, when the Pension Freedoms were implemented. As a result, Partnership expects sales to grow approximately 10% in H2 2015 versus H1 2015 and H2 2014.
Medically underwritten Defined Benefit sales totalled £24 million, and the Group saw £16 million of care annuities and £1 million of protection.
In total, Partnership generated £92 million of DB sales in the nine months ending 30 September and is in exclusive negotiations in respect of over £60 million further DB transactions. The remaining strong and growing pipeline comprises high quality opportunities across the major Employee Benefit Consultants.
Following clearance from the Competition & Markets Authority on 28 October, Partnership’s previously announced all share merger with Just Retirement to form JRP Group plc is expected to complete around late December 2015, subject to shareholder and regulatory approvals
Steve Groves, Chief Executive Officer, said:
“Partnership continued to deliver tangible progress during this quarter. Consumer and adviser research continues to show the importance of a guaranteed income for life, as reflected by quotes for individually underwritten annuities increasing by approximately a third compared to April, when the Pensions Freedoms were implemented.
"Our commitment to developing innovative new products and enhancing our existing individually underwritten annuity proposition to meet customer needs post April 2015 was demonstrated by the launch of our new Enhanced Retirement Account. This proposition provides the certainty of a guaranteed income for life as well as the flexibility to manage investments within one simple low cost tax efficient proposition on an award-winning platform. And in Defined Benefit, our pipeline is strong and growing, giving us confidence in our previously announced target of at least £200 million of Defined Benefit sales for the full year.
"The Partnership business is well positioned in its chosen markets, and as part of the enlarged JRP Group, will be able to accelerate the existing strategy of leveraging our unique Intellectual Property to write profitable new business in the UK Retail, Defined Benefit and US Care markets.”
