Twelve month enhanced annuity sales exceeded £200m in two quarters, which the firm said gave it the largest market share. In equity release, despite the stable market over the past 12 months, Just Retirement generated record results for fourth quarter mortgage advances, totalling over £60m.
In November 2009, the business was acquired for £228m by Permira Advisers LLP, which subsequently injected capital of £25m.
Rodney Cook, chief executive of Just Retirement, said: “Despite the challenging UK market place, from both an economic and regulatory perspective, Just Retirement has continued to grow and prosper. I am intent that this should continue. We are in good shape and in good hands. Accordingly, I view the future with confidence.
“The business has secured sales of over £1 billion for the first time in its history. It has maintained or enhanced its market leading positions within the markets for its two products.
“Recent industry data reveals the overall UK market for equity release mortgages was stable during the past 12 months. Demand for this product has been constrained by a lack of awareness within its target market, reputational issues and the withdrawal of certain players.
“Just Retirement is committed to the UK equity release market. It continues to be a key member of
Safe Home Income Plans (SHIP) and is working hard to improve the awareness and reputation of this product. In addition, the business has supported the Joseph Rowntree pilot initiative, in which three local authorities have been able to offer low initial advance products to those in need. This initiative
has been a success and we are intent on extending its reach.”
