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Just Retirement sees 55% increase in equity release business

Just Retirements business figures for the six months to December 31 2006 shows growth in equity release advances of 55% quarter-on-quarter.

The company says equity release business has continued to demonstrate excellent growth.

Mortgage advances have seen a substantial increase, with levels of new business quotation and application activity likely to lead to a continuing strong performance in this area.

Just Retirement signed a three year distribution agreement in November with SAGA.

Under this agreement, Just Retirement Solutions is now providing a retirement advice service to customers introduced by SAGA, initially based around the equity release product.

While the agreement has yet to reach operational scale, initial results are encouraging, and this is expected to support further expansion in our equity release business.

Mike Fuller, chief executive of Just Retirement, says: We were delighted by the markets response to our IPO, where we raised some 63m of new capital from institutional investors to support our growth.

The demographic and structural drivers of demand for our products remain compelling.

This is an excellent maiden set of sales figures, showing that the business continues to experience robust growth in both our product lines, alongside continued attractive margins.

I believe this is just the beginning, with both our core products well positioned for success amid continuing favourable market conditions.

I expect the Group to maintain its positive sales momentum, in particular within equity release, where we have been growing rapidly from a small base.

Combined with the first class efforts of our people, I have every confidence in our success for the future.

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