Just Retirement has reported record sales in the three months to 30 June, although equity release advances were down slightly
Sales of enhanced annuity policies in the quarter were £191.2 million, a record for the Group showing a 33% year-on-year gain and 50% growth on the previous quarter. This increase allowed full year sales to show only a slight reduction on the previous year, totaling £590.8 million, (£604.5 million)
The Group estimates that it recorded a 6% share of the total UK annuity market in the fourth quarter, its highest for over a year. Just Retirement’s share of the market over the 12 months to June 2009 is estimated to be 5%
Equity release advances were slightly down in Q4 but, on an annual basis, were a record for the Group at £162.9 million (£159.0 million). During the year, the Group posted two quarters in which advances topped £40 million, for the first time
However,the market as a whole, as recent SHIP figures highlighted, fell by 22% in total in the three months to June. As a result, Just Retirement has improved its market share of the total UK equity release market to 19%, another record for the Group
Mike Fuller, CEO of Just Retirement, said: “It is very pleasing to report such a strong fourth quarter performance from the group. Our enhanced annuity sales in this period are a record
