Total annuity sales increased to £412m in the three months to 31 December 2012. Annuity sales had reached £251 million in the same period last year.
Rodney Cook, chief executive officer of Just Retirement [pictured] said he was pleased to announce record sales for enhanced and fixed term annuities.
In addition, equity release sales reached £79m. This is an 8% increase from £73m compared to the same period last year.
And overall, group sales increased by 52% to £491m between 2011’s Q2 and 2012’s Q2.
Cook added: “I am pleased to announce record sales results across all categories of Just Retirement’s business. Record results were recorded for enhanced annuity and fixed term annuity sales.
“These high sales volumes have resulted from increased total market activity by financial advisers to bring forward business ahead of the December cut off dates for gender and the retail distribution review. We expect volumes in the next quarter will be significantly lower than these exceptional market levels.
“Equity release advances maintained strong growth to reach record levels of £78.6m, an increase of 8% compared to the same period last year and 16% higher than the previous quarter.
“Demand from those people approaching and in-retirement to improve their retirement income continues to fuel growth in the sector. The total market for equity release, as measured by the Equity Release Council, has grown in each of the last three reported quarters.”
