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Just Retirement sales jump 33% to £1bn

Just Retirement has reported a 33 per cent increase in annuity and equity release business to £1bn for the 12 months to June 30 compared with £753m the previous year.

Annuity business rose 36 per cent to £804m for the year compared with £590m while equity release sales saw a 21 per cent jump to £197m up from £162m the previous financial year.

For the three months to June 30, the firm reported a 20 per cent jump in sales to £283m up from £234m for the same period in 2009.

Annuity sales for the period increased 13 per cent to £216m compared with £191m while equity release business rocketed 52 per cent to £66m up from £43.7m.

In November 2009, the business was acquired for £228m by Permira Advisers LLP, which subsequently injected capital of £25m.

Newly appointed chief executive Rodney Cook says: “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. I view the future with confidence.”

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