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NU takes over at the top for equity-release sales

Norwich Union has leapfrogged Prudential in equity-release sales volumes with total revenues for 2008 up by 15 per cent at £249m from £217m in the previous year.

NU claims it is now the number one provider of equity release in terms of sales volumes, ahead of Prudential which reported sales of £242m. for 2008.

In 2008, NU rolled out a series of developments, including the launch of its equity-release products in Northern Ireland. It also increased the loan-to-value scale for its lifetime mortgages.

NU reduced the minimum cash payment for home-reversion plans from £25,000 to £15,000 and increased the home-reversion cash-to-release scale from 56 to 59 per cent and added a range of lifetime mortgages.

Group product manager Dominic Fraser-Smith says: “Throughout the year, we have consistently grown both our IFA and direct market share. According to Ship figures, the equity-release market contracted by 9 per cent in 2008, which makes the fact that we increased our business by 15 per cent in this market even more incredible.

“We have already seen a strong start to 2009 and we look forward to building on this achievement to benefit both our customers and advisers even further in the future.”

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