Just Retirement, one of the leading annuity providers in the UK has this week announced a sharp rise in sales of annuities, including enhanced and fixed rate annuities. Sales volumes for annuities reached £313 million in the first three months of this year, which is an increase of 35 per cent on the 2011 figure of £232 million. The total group sales rose by an impressive 32% on the back of additional revenue from sales of their equity release product which was up 17.5% at £68.6 million. With record numbers of people retiring this year coupled greater awareness of using the open market option, it looks set to be a record year for the retirement specialist.
In the last nine months alone the company has generated £833m in annuity sales and £206m in equity release sales, which represents significant growth on the figures for the previous financial year. Rodney Cook who is the company’s CEO acknowledged the strong performance of the company saying that…“…sales for the group in 2012 show an upward trend for both products and we expect to maintain a competitive position in both markets to enhance our market leading position.” However he went on to state that there would be… ”…significant regulatory changes” in 2013 but that the company would continue to provide a high level of customer service.
Just Retirement have lead the way in the retirement income market in the past few years, offering flexible and innovative products for retirees. This has been reflected in an increase in sales of their fixed term annuity which comes with an enhanced annuity conversion feature. They have also strongly supported reform of the annuity market which will help more retirees use the open market option.
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