Just Retirement sales rise to £1.13bn

Just Retirement’s new business sales for the year to June 2011 were £1.13bn, representing at 13.3% increase on 2009/10 figures.

The group's fourth quarter sales were £350m, up 23.6% on the same quarter in 2010.

Sales of enhanced annuities grew by 11% from £804m in 2010 to £892m in 2011.

Meanwhile, equity release sales grew 22.7% between 2010 and 2011, with sales this year reaching £242m.

Rodney Cook, chief executive of Just Retirement, said: "These results continue to demonstrate the resilience of Just Retirement's business model and commitment to further extend our leadership position in our chosen retirement market segments, despite challenging market conditions."

In May this year, Just Retirement launched a hybrid fixed term enhanced annuity, which allows investors to switch to a more favourable rate if they become ill during the term of their annuity.

The provider was also selected for the National Employment Savings Trust's (NEST) panel of annuity providers in June.