Just Retirement annuity sales jump 35% in Q1
Total group sales reach a new record with 32 per cent growth as equity release business also increases.
Just Retirement has announced that total annuity sales - including enhanced and fixed-term annuities - reached £313m in the first three months of 2012, 35 per cent up on the £232m recorded over the same period in 2011.
In the three months to 31 March 2012, Just Retirement also said that it generated £69m in Equity Release mortgage advances in the first quarter, 17 per cent up compared to £58m for the same period last year.
For the nine months to 31 March 2012, which represent the first three quarters of the firm’s financial year, Just Retirement generated sales of £833m for annuities and £206m for equity release, representing growth of 36 and 18 per cent on the last financial year.
Rodney Cook, chief executive officer of Just Retirement, said: “Sales for the group in 2012 show an upward trend for both products and we expect to maintain a competitive position in both markets to enhance our market leading position.
“There are significant regulatory changes impacting the industry during the next year. Just Retirement’s programmes are progressing well to ensure we support our partners through these changes and to ensure our business continues to offer the highest levels of service to our customers.”