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Financials

Insurer Just Group posts 27% drop in H1 operating profit, pays no dividend

LONDON, Sept 4 (Reuters) - British specialist pension provider Just Group posted a 27% fall in first-half underlying operating profit to 114 million pounds ($139.96 million) due to a drop in new business profit, it said on Wednesday.

Just Group, which specialises in annuities for people with a reduced life expectancy, has suffered from new rules from Britain’s Prudential Regulation Authority requiring more capital behind lifetime mortgages, one of its key products.

Just Group, which did not pay a dividend last year, said it did not intend to pay an interim dividend.

$1 = 0.8145 pounds Reporting by Carolyn Cohn, editing by Sinead Cruise

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