Trading Statement

RNS Number : 8336H

JRP Group PLC

23 August 2016

 

NEWS RELEASE                                                                                                                                                      www.jrpgroup.com

23 August 2016

JRP GROUP PLC

TRADING UPDATE

Ahead of its scheduled results date, JRP Group plc announces that:

·     Since the update on 11 May, trading to 31 July continued in-line with expectations in each of Defined Benefit De-risking, individual Guaranteed Income for Life Solutions and Lifetime mortgages.

·     We expect to report an embedded value at 30 June 2016 above 200p per share.

·     The Group remains comfortably capitalised under Solvency II and expects to confirm that its Solvency Capital ratio at 30 June 2016 was around 130%.

The merger continues to progress in line with expectations, and we will update the market on our progress towards achieving the targeted cost savings of at least £40m in due course.

Rodney Cook, Group Chief Executive, said:

 "In these volatile times we wanted to reassure the market ahead of our results. Our merger is progressing well and we remain focused on making money for our shareholders by offering good value to our customers."

FINANCIAL CALENDAR:	Date
Interim Results for the period ended 30 June 2016 Capital markets day	15 September 2016 5 October 2016
Enquiries Investors / Analysts James Pearce, Group Investor Relations Director Telephone: [phone] [e-mail]	Media Stephen Lowe, Group Communications Director Telephone: [phone] [e-mail] Temple Bar Advisory Alex Child-Villiers William Barker Telephone: [phone]

A copy of this announcement will be available on the JRP website www.jrpgroup.com

JRP GROUP PLC

GROUP COMMUNICATIONS

Vale House, Roebuck Close

Bancroft Road, Reigate

Surrey RH2 7RU

Forward looking statements disclaimer:

This announcement in relation to JRP Group plc and its subsidiaries (the 'Group') contains, and we may make other statements (verbal or otherwise) containing, forward-looking statements about the Group's current plans, goals and expectations relating to future financial conditions, performance, results, strategy and/or objectives.

Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks', 'targets', 'continues' and 'anticipates' or other words of similar meaning are forward-looking (although their absence does not mean that a statement is not forward-looking). Forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the Group's control. For example, certain insurance risk disclosures are dependent on the Group's choices about assumptions and models, which by their nature are estimates. As such, although the Group believes its expectations are based on reasonable assumptions, actual future gains and losses could differ materially from those that we have estimated.

Other factors which could cause actual results to differ materially from those estimated by forward-looking statements include but are not limited to: domestic and global economic and business conditions; asset prices; market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of governmental and/or regulatory authorities, including, for example, new government initiatives related to the provision of retirement benefits or the costs of social care and the effect of the European Union's "Solvency II" requirements on the Group's capital maintenance requirements; the impact of inflation and deflation; market competition; changes in assumptions in pricing and reserving for insurance business (particularly with regard to mortality and morbidity trends, gender pricing and lapse rates); risks associated with arrangements with third parties, including joint ventures and distribution partners; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which the Group operates.

As a result, the Group's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set out in the forward-looking statements within this announcement. The forward-looking statements only speak as at the date of this document and the Group undertakes no obligation to update or change any of the forward-looking statements contained within this announcement or any other forward-looking statements it may make. Nothing in this announcement should be construed as a profit forecast.

 

END

 

 

TSTPTMFTMBATBMF