Equity release at Just Retirement rockets by 22% in 2011
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Just Retirement’s full year results show equity release advances rocketed by 22% to hit £242m, up from £197.5m in 2010.
The company says the growth of the equity release market continued to be affected by the withdrawal of a number of providers, which took place at the end of 2009 and into early 2010. As well as growing sales it also increased its market share.
It funds its equity release products from its annuity assets and does not access the wholesale market.
Annuity sales also rose by 11% from £804m in 2010 to £892m for 2011.
Overall the firm made a pre-tax profit of £37m but this was down 48% from the £71m it made in 2010.
But with group sales hitting £1.1bn for the year, Rodney Cook, chief executive officer of Just Retirement, says that considering the current market conditions the results are impressive.
He says: “It reflects strong demand for annuities, where we continue to adopt a competitive rate position, and resilience in a relatively flat market for equity release mortgages.
“The JRH Group’s equity release distribution arm Just Retirement Solutions has made steady progress as new affinity partners like Age UK have joined with us.”
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