Just Group to shut U.S. operations as first quarter sales drop

By Carolyn Cohn

LONDON (Reuters) – Specialist pension provider Just Group said on Thursday it would shut its loss-making U.S. operations as part of a cost-cutting programme, as it posted a 59% fall in retirement income sales in the first quarter.

Just Group, which specialises in annuities for people with a reduced life expectancy, has been suffering from the prospect of new rules from Britain’s Prudential Regulation Authority requiring more capital to be put behind lifetime mortgages, one of its key products. The rules come into force later this year.

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