Just Retirement’s total group sales jumped 13.3 per cent from £1,002m last year to £1,135m in the 12 months to June 30 this year driven by a final quarter surge in annuity sales, unaudited fourth quarter results show.
Total annuity policy sales increased 11 per cent from £804.6m in 2009-10 to £892.9m in 2010-11. This year’s figure includes a fourth quarter increase of 30.5 per cent from £216.7m in Q4 last year to £282.7m this year.
Equity release sales rose 22.7 per cent from £197.5m to £242.3m over the year, although the final three months of 2010-11 saw sales growth of just 1.4 per cent from £66.5m in Q4 last year to £67.4m this year.
Just Retirement chief executive Rodney Cook says: “These results demonstrate the resilience of Just Retirement’s business model.
“We continue to secure significant new partnership deals and have recently been appointed to the new Nest annuity panel.”