Record equity release figures at Just Retirement

Just Retirement, which offers people of retirement age a range of financial services including equity release products, has recorded higher profits for the six-month period ended December 31.

The company recorded sales growth of 26% during the second half of 2009 compared with the same period in 2008. Sales totalled £446 million during this period and the value of new business rose 15% to £25.1 million.

Meanwhile, current trading also appears robust. For the first time ever, Just Retirement recorded more than £100 million worth of total completions for annuities and equity release mortgages in March. And the figures for these products look set to rise even more; the finance specialist also experienced its highest ever level of applications for both products in any one month in March.

Just Retirement’s chief executive, Mike Fuller, said: “The first half of the 2009-10 financial year has been very strong for Just Retirement and has vindicated the group’s early adoption of a profit and capital focused strategy during the depths of the recent financial crisis. Market shares have grown for both products, group profit growth has been successfully managed and our capital has remained robust.

“At present, we are continuing to enjoy the benefits of this strategy and the position it has built for the group. Demand for enhanced annuities remains strong and, despite our competitive rate position, margins are positive. Whilst the market for equity release has been relatively weak, our own position within it continues to strengthen at attractive margins. Moreover, we have been able to maintain and enhance our growth without compromising our capital strength.

“I am very confident that the group will continue to perform strongly in the second half of the current year.”