Mortgage News
Just Retirement new business up 50%
Just Retirement’s value of new business after tax rose almost 50% to £82.8m for the year ending 30 June 2011.
However, Just Retirement Group pre-tax profits fell 47% to £37.1m from £71.2m in 2010 due to a sell-off of European debts during the Eurozone crisis.
Enhanced annuity sales increased 11% to 892.9m over the period, whilst equity release mortgage advances increased 22.7% to £242.3m.
The value of total sales over the period was £1.1bn, up 13.3% from 2010.
Assets under management hit £3.5bn, an increase of 26% on 2010’s figures.
Rodney Cook, chief executive of Just Retirement said: “The business once again has broken records across most, if not all, its key metrics. We are grateful for the support received from IFAs.”
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