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Just Retirement grows equity release business to £81.8m

Just Retirement saw the value of equity release mortgage advances climb 10% year-on-year from £73.9m in December 2007 to £81.8m at the end of last year.

The company’s interim results show a pre-tax profit of £22.6m, from £22m for the comparative period in 2007.

New business grew to £21.8m for the six months to the end of last year, up 7% from £20.3m as at December 31 2007.

Mike Fuller, chief executive of Just Retirement, says: “Current trading is very encouraging.

“Since the beginning of 2009 annuity rates have been reducing across the market, as competitors have followed capital preservation and pricing strategies similar to our own.

“As a consequence Just Retirement’s competitive position has returned to its traditional level and conversion ratios have improved markedly.”

He adds: “As a function of Just Retirement’s funding methodology for equity release mortgages, we continue to enjoy a strong competitive position with a solid flow of business at attractive margins.

“Accordingly we view the remainder of the year with increasing confidence.”


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