Annuity and retirement specialist Simply Group mentioned working income climbed 44% to £249m within the first six months of the 12 months to the top of June.
In a assured inventory market replace it mentioned it is going to “considerably exceed” its full-year revenue goal following a surge in company pension offers.
David Richardson, chief government, mentioned: “Given the robust first half consequence, the optimistic market dynamics, and our forward-looking pipeline, we anticipate to considerably exceed earlier 2024 steering of doubling 2021’s £211m working revenue in three years.”
The information happy the market and helped the corporate’s shares leap 16%.
Mr Richardson mentioned: “Our DB and retail companies each contributed to this glorious efficiency, reflecting our persevering with funding in expertise and expertise.”
Retirement earnings gross sales grew by 30% to £2.5bn, up from £1.9bn, the agency mentioned.
Simply mentioned “pricing self-discipline and threat choice in buoyant markets” led to an elevated margin of 9%, up from 8.5%.
The gross sales progress and better margin mixed to drive a 38% improve in new enterprise income to £222m, up from £161m, the agency mentioned.
Simply mentioned the elevated revenue was helped by rising gross sales in its de-risking enterprise, the place firms pay it a premium to take over their pension obligations.
It accomplished 55 transactions within the six months, up 31% from the 35 accomplished within the first half of 2023.
The corporate mentioned over the previous 18 months it has written multiple third, by quantity, of all DB transactions available in the market, greater than some other supplier.
Mr Richardson mentioned: “Now we have used expertise to fulfill rising market demand as urge for food amongst pension scheme trustees grows to make use of insurance coverage options to safe the long run way forward for members’ pensions.
“Pension scheme de-risking helps to help progress within the UK economic system by enabling UK corporates to give attention to rising their companies and by investing the belongings in productive finance.”
