Just Retirement sales up 26% on strong annuity business

Just Retirement sales have climbed by more than 25% year-on-year, it reported today.

The equity release and annuity specialist, which was the subject of a private equity buyout in November 2009, saw record sales in the first half of its financial year.

Group sales for the final six months of 2009 hit £446.1m, up 26.1% on the same period in 2008, with a particularly strong rise in annuity sales.

Total annuity sales increased from £272.1m in the second half of 2008, up to £349.3m in 2009. Equity release sales grew 18.3% to £96.8m over the same period.

Just Retirement says its return to competitive pricing on enhanced annuities during 2009 helped bolster sales, and it predicts continued annuity sales growth through 2010.

Mike Fuller, CEO of Just Retirement, says: "Just Retirement faced the challenges of the global financial crisis in 2008 and 2009 with a clear strategy.

"Profitability and capital were the two cornerstones of this approach. I am pleased to say that we have continued to deliver on this strategy while, at the same time, reporting very strong sales figures."

The firm was bought by Avalon Acquisitions Limited - part of the Permira private equity group - for £228m in November 2009. Avalon has provided Just Retirement with £25m of additional capital.