Just Retirement equity release advances up 18% in Q1

Outperformed rest of market

Just Retirement has reported a year-on-year rise in equity release advances of 17.5% for the first three months of the year.

The firm advanced £68.6m in equity release mortgages in Q1 2012, up from £58.4m in Q1 2011.

Its performance in annuities sales was even better, at £313.2m for Q1 2012, up 35.2% compared to £231.6m in Q1 2011.

Total group sales were a record £381.8m for the three-month period, 31.7% higher than the £290m in sales achieved during the same period last year.

Rodney Cook, chief executive officer of Just Retirement, said sales are the highest since the business was formed, with its fixed term annuity product performing particularly well, and added the firm expects to maintain a competitive position in both markets going forward.

He said: “Our innovative fixed term annuity product, the first in the UK with an enhanced annuity conversion feature, has achieved pleasing results as advisers look for alternatives to standard annuities for those customers in good health.”

In terms of equity release sales, Just Retirement outperformed the rest of the market. Data published by Safe Home In come Plans last month showed that overall equity release sales increased by 10% year-on-year in the first three months of the year, from £181.6m in Q1 2011 to £199.1m in Q1 2012.

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