Just Retirement has registered “record” group total sales of £946.6m in the last six months of 2012, a rise of 44.1 per cent when compared to the same period in 2011.
In the interim results, published today (9 April), the annuities and equity release provider said that group IFRS profit before tax increased to £77.8m in the last six months of 2012, compared to just £1.8m in the second half of 2011.
The group said that profitability has been supported by “favourable growth” in its core business and it has also benefited from improved economic conditions. Its embedded value operating profit before tax increased by 253.4 per cent to £100m.
Just Retirement also saw the value of new business increase by 18.8 per cent to £55.5m in the second half of 2012.
Rodney Cook, chief executive of Just Retirement, said: “Our long standing commitment to lead reform in the annuity market to deliver transparency and create default ‘shopping around’ achieved another positive step forward with the implementation of the ABI code on Retirement Choices on 1 March 2013.
“I am also pleased to report that, during this period, Just Retirement successfully launched into the defined benefit de-risking market, with an innovative proposition to target smaller schemes.
“The proposition uses Just Retirement’s personalised underwriting to bring wider choice and improved value to corporate advisers and their trustee clients looking for de-risking solutions. The response from advisers has been positive and we are progressing a pipeline of quotations.”