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Just Retirement reports lifetime sales up 14% to £309m

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  • 07/08/2013
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Just Retirement reports lifetime sales up 14% to £309m
Just Retirement’s total Lifetime mortgage advances rose 14% in the 12 months to £309m and nearly doubled last quarter against last year's figures.

The firm advanced £93.6m in lifetime mortgages in the three months to June, against £63.6m last year, a rise of 47.2%.

The firm’s fourth quarter results for 2012/2013 said annual total group sales were also a record at £1.65bn, an increase of 12.9%.

Its annual annuity sales reached £1.34bn in 2012/2013, 12.5% up year on year.

Chief executive Rodney Cook said: “All categories of the business have performed exceptionally well, achieving double digit growth over the last twelve months ensuring we continue to hold leadership positions in our core markets.”

He added the record sales were “particularly pleasing” in light of recent regulatory changes such as the Retail Distribution Review and European gender directive.

Cook said: “As predicted, there has been some volatility in the quarterly pattern of annuity sales transactions as distributors have adapted to the regulatory changes. However normal market activity now appears to be returning.”

The firm also said it had linked with Saga to provide immediate needs annuity provision for its members.

Cook said: “We will shortly be extending the availability of similar products to financial intermediaries.”

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