Just Retirement hits £1 billion mark with record equity release figures

Just Retirement has posted encouraging sales figures for the three- and twelve-month periods ended June 30.

During the fourth quarter, enhanced annuities’ share of the total market continued to increase and Just Retirement estimates that it is now the sixth largest provider of all annuities in the UK. Enhanced annuity sales exceeded £200 million during two of the quarters within the 12-month period.

The company also consolidated its position within the equity release arena throughout the year. During the fourth quarter it generated record results for mortgage advances, which exceeded £60 million for the first time ever.

Rodney Cook, CEO of Just Retirement, commented: “Despite the challenging UK market place, from both an economic and regulatory perspective, Just Retirement has continued to grow and prosper. I am intent that this should continue. We are in good shape and in good hands. Accordingly, I view the future with confidence.”

He added: “The business has secured sales of over £1 billion for the first time in its history. It has maintained or enhanced its market leading positions within the markets for its two products.

“Recent industry data reveals the overall UK market for equity release mortgages was stable during the last 12 months. Demand for this product has been constrained by a lack of awareness within its target market, reputational issues and the withdrawal of certain players. That said, Just Retirement has consolidated its position as a leading provider in this market.”