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Just Retirement sees 12.8 per cent increase in sales to £763.5m

Just Retirement has reported a 12.8 per cent increase in group sales for the full year ending June 30 to £763.5m.

But the group also reported a 5.2 per cent year-on-year drop in sales last quarter to £191.8m.

Over the full year equity release advances were up 27 per cent from £125.2m to £159m, but over the last quarter they were down 8.7 per cent year-on-year from £52.6m to £48m.

Sales of annuity policies were up 9.6 per cent over the full year to £604.5m, but down 4 per cent last quarter to £143.8m.

Just Retirement estimates it has increased market share in the annuities market to 5.5 per cent and in the equity release sector to 14 per cent.

The company believes the FSA’s call for the fair treatment of annuity customers yesterday is likely to boost demand for enhanced annuities and while the pressure that the regulator is putting on providers to meet the Open Market Option rules and encourage customers to shop around will be beneficial to Just Retirement.

Chief executive Mike Fuller says: “I am pleased to announce that the company has reported another full year of strong sales growth delivered against a backdrop of challenging market conditions.

“Critically, we have increased our annual shares of the annuity and equity release markets through our product, technology, service and funding advantages.”


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