CompaniesApr 20 2012

Just Retirement assets rise 20% to £4.2bn

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ByDonia O’Loughlin

Just Retirement reported today (20 April) that assets under management, which supports its annuity liabilities, increased by 20 per cent to £4.2bn compared to £3.5bn at 30 June 2011.

The firm also announced ‘record’ half-year sales, with group sales totalling £657.1m in the six months to 31 December 2011, up 32.7 per cent on the same period in 2010.

Annuity sales were up 37.2 per cent in this period to £519.4m and Just Retirement, while enhanced annuity and equity release mortgage sales increased by 18.2 per cent to £137.7m in this period.

The group’s underlying operating profit before tax was £40.3m, an increase of 4.7 per cent in the six months to 31 December 2011 compared to the same period in 2010.

Rodney Cook, chief executive officer at Just Retirement, said: “Just Retirement has achieved a solid performance during this six-month period.

“Our innovative fixed-term annuity product, the first in the UK with an enhanced annuity conversion feature, has achieved higher sales than we expected, as advisers look for alternatives to standard annuities for those customers in good health.

“Sales for the group in 2012 show an upward trend for both products and we expect to maintain a competitive position in both markets and to enhance our market leading position.”