Retirement products provider Just Group said it expected 'significantly higher' sales in the second half of the year after reporting that first-half profit more than doubled driven by investment and economic profits owing to the fall in interest rates. For the six months ended 30 June 2020, pre-tax profit rose to £305m from £125m as revenue fell 11% to £1.8bn. Profit was also boosted by improved in-force return offsetting lower new business profit from reduced sales, the company said. Gross premiums written fell 10% to £746.2m, reflecting the group's planned reduction in new business volumes in order to reduce new business capital strain. Solvency coverage ratio was estimated at 145% as at 30 June 2020, up from 141% seen at the end of last year. Looking ahead, sales was expected to be 'significantly higher' in the second half of the year than the first, the company said.
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