Mortgage News
New business up 33% at Just Retirement
The value of Just Retirement’s new business in the six months to 31 December 2011 grew by 32.7% compared to the same period in 2010.
The figures come after the provider’s equity release figures slumped between July and September 2011 and it predicted a further slowdown in business for 2012.
The value of new annuity business grew by 37.2%, from £373.6m in the same half in 2010 to £519.4m in 2011.
Overall in 2011, equity release sales grew from £116.5m to £137.7m, or by 18.2%.
Rodney Cook, chief executive of Just Retirement, said: “We continue to be the leading provider of enhanced annuities and the second largest provider of annuities to the total open annuity market.”
In October, when the provider released its quarterly sales figures for the three months to 31 September 2010, Cook had predicted a slowdown in business over the coming months.
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He based his prediction on a fall in equity release sales between July and September 2011.