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Just Retirement sales up 26 per cent

Just Retirement recorded an increase in sales of 26 per cent to £446.1m for the six months to December 2009, up from £353.9m the previous year.

The firm says it experienced record applications for enhanced annuities, with sales increasing 28 per cent to £349.3m compared with £272.1m in the six months to December 2008. It cites its competitive rate position as a major reason for growth.

Meanwhile, equity release business grew 18 per cent year-on-year, with sales bringing in £96.8m in the half year to December compared with 81.8m for the same period in 2008.

Despite the increase, Just Retirement says the equity release market was affected by general market conditions in a similar way to the wider mortgage market.

CEO Mike Fuller says: “Just Retirement faced the challenges of the global financial crisis in 2008 and 2009 with a clear strategy. Profitability and capital were the two cornerstones of this approach.

“I am pleased to say that we have continued to deliver on this strategy while, at the same time, reporting very strong sales figures.

“Given our commitment to service, I am particularly pleased that we have once again been recognised by the industry for our performance in this area. We are intent on maintaining our high standards.

“We have experienced an excellent start to the year and I look forward to the next six months with considerable confidence.”

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