It recorded sales of £65.1m for equity release mortgages in Q1, down from £69.8m in Q1 2010.
It said that the drop was down to the volatile market conditions and economic uncertainty impacting customer purchasing patterns.
Rodney Cook, Just Retirement, chief executive, said: “However, we remain convinced that this market has significant long term growth potential that will become more apparent as other distributors with strong consumer brands enter the market place and as further innovation materialises following the proposals outlined in the Dilnot report.”
Total sales for the group grew by 35.8% to £333.4m in the first quarter, compared to Q1 2010, while total annuity sales stood at £268.3m, 52.7% higher than the corresponding period in 2010.
