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, or equity release mortgages, another of its key products.
Lifetime mortgages enable home-owners to borrow against the value of their property, a loan which is paid back when they die.
"Customers are being put off making major decisions as a result of Brexit uncertainty," David Richardson told Reuters by phone, though he added annuity sales had not been affected by the prospect of a no-deal Brexit.
Shares in the specialist pension provider, which have halved in value this year, dropped 10.5% to 41.5 pence per share by 0755 GMT after it said first-half underlying operating profit fell to 114 million pounds, due to a drop in new business profit.
Just Group announced a discounted share issue in March, raised 375 million pounds in capital, and cancelled its 2018 dividend. It also pushed back its capital breakeven point to 2022.
The company said on Wednesday it would need to increase its capital position by 130 million pounds by the end of 2021 and would not pay an interim dividend.
"Is this the right time to recommence dividends when you are facing into the storm that is Brexit?" Richardson said.
"We think it's much more sensible to revisit the issue of dividend at the full-year results."
Richardson said the firm was taking a number of steps to improve its capital position, including seeking partners to enable it to offer larger deals in the bulk annuity market, which involves insuring company defined benefit, or final salary pension schemes.
Just Group "needs to build confidence in its capital position before the stock can recover", Barclays analysts said in a note, though they reiterated their "overweight" rating on the stock.
(Reporting by Carolyn Cohn, editing by Sinead Cruise and Elaine Hardcastle)
By Carolyn Cohn