Pensions provider Just Group has seen its retirement sales grow by 62 per cent in the first half of 2018, as the group saw 56 per cent business growth on the same period last year.

According to Just Group's half-year financial report published today, 24 July, retirement sales hit £1.2bn over H1 2018, up from £742m recorded in H1 2017.

Defined benefit de-risking sales alone were £718m in H1 2018, a 143 per cent increase on the £296m recorded in H1 2017, while guaranteed income for life (GIfL) sales grew by 9 per cent to £426m for the first half of the year.

Overall, Just Group new business sales totalled £1.5bn over the first six months, a 56 per cent increase on the £975m made over the same period last year.

Just Group chief executive, Rodney Cook, said: "These new business figures show that our strategy of focusing on attractive growth markets is working. Our segment of the defined benefit de-risking market has been buoyant, and increasing levels of shopping around have supported our GIfL business.”

He said that volume growth had not been at the expense of “financial discipline” and that the firm’s focus remains on “improving shareholder returns”.

Despite this, the groups’ share price fell by 7.4 per cent on the London Stock Exchange after the results were published.

Cook added: “The strength of first-half new business means we are in a position to price even more selectively over the remainder of the year, particularly in DB de-risking, and we remain comfortable with the full year expectations.”

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