BUSINESS UPDATE: 6 MONTH PERIOD ENDED 30 JUN 2018

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·	Retirement sales growth for H1 18 was 62% compared to H1 17, driven by exceptional Defined Benefit De-risking ("DB") sales
·	DB sales of £718m were up 143% versus H1 17. This year we have seen an acceleration in the market as employee benefit consultants have managed the industry pipeline, reducing seasonality. At the same time we have further strengthened our pricing discipline
·	Guaranteed Income for Life (GIfL) sales improved by 9% to £426m this year. In March 2018 the Financial Conduct Authority (FCA) introduced new rules requiring pension companies to show the best quote available from the open market in order to stimulate shopping around. The FCA's recently released 'Retirement Outcomes Review' outlines new proposals which should lead to greater take-up of GIfL via the open market option channel in which we operate, assisting customers to find better value
·	Lifetime Mortgage (LTM) advances of £313m were up 36% in H1 18, below Retirement Income sales growth, demonstrating our active asset liability matching approach
Just Group new business²		6 months to	6 months to	Change
Just Group new business²		30/06/2018	30/06/2017	Change
		£m	£m	%
Defined Benefit De-risking		718	296	143
Guaranteed Income for Life		426	390	9
Care Plans		35	34	2
Retirement Income sales		1,179	720	64
Drawdown		24	22	7
Total Retirement sales		1,203	742	62
Protection³		1	3	(71)
Lifetime mortgage loans advanced		313	230	36
Total new business sales		1,517	975	56

3 months to:	30 Jun 2018	31 Mar 2018	31 Dec 2017	30 Sep 2017	30 Jun 2017	31 Mar 2017	31 Dec 2016	30 Sep 2016	30 Jun 2016
Defined Benefit De-risking	469	249	434	269	170	125	365	414	121
Guaranteed Income for Life	238	188	213	217	216	174	174	207	234
Care Plans	18	18	20	18	17	17	19	20	29
Retirement Income	725	454	666	504	403	317	559	641	384
Drawdown	13	11	14	14	11	12	10	9	4
Total Retirement sales	738	465	681	518	414	328	569	650	388
Protection⁴	-	1	2	1	1	2	1	2	1
LTM loans advanced	162	151	142	137	124	107	95	143	173
Total new business sales	900	617	826	656	539	436	665	795	562

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