Just Retirement has reported a £49m increase in sales for the six months to December 31, 2010 following a 20 per cent jump in equity release business.
Total group sales increased from £446.1m in the second half of 2009 to £495.1m in the corresponding period last year, unaudited figures show.
Sales of equity release mortgage advances increased from £96.8m in the final six months of 2009 to £116.5m in second half of 2010, while annuity policy sales rose 8.4 per cent from £349.3m to £378.6m over the same period.
Chief executive Rodney Cook says the strong equity release performance was driven by an expansion in distribution, including a partnership with Saga. He says: “We are securing additional distribution partnerships and have plans to bring further innovation to the market before the end of the year which will help financial advisers and their clients, as well as assisting Just Retirement to extend its market proposition.”
Annuity sales figures for the final quarter of 2010 increased 9.2 per cent compared to 2009, rising from £185.8m to £202.9m. However, equity release sales remained static at £46.7m.