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Value of new equity release business written on the up says Ship

Ship confirms 260.9m of new business was written in the second quarter of 2005, 4 per cent ahead of the first quarter.

For the half year to June 30 2005, the value of new business is up 2 per cent on the same period last ear, from 503.7m to 512.3m.

The value of lifetime mortgage business written in the second quarter of the year was 250.3m, 96 per cent of the total, while the value of home reversions written business was 10.6m.

Ship chairman Jon King says: “We believe that the market is likely to develop further as the benefits of FSA regulation build further confidence in it and consumers benefit from the ever widening choice of new suppliers and products. Flexible equity drawdown products launched this quarter have proved very popular.”

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