Just Retirement new business up 50%

Just Retirement’s value of new business after tax rose almost 50% to £82.8m for the year ending 30 June 2011.

However, Just Retirement Group pre-tax profits fell 47% to £37.1m fro £71.2m in 2010 due to a sell-off of European debts during the Eurozone crisis.

Enhanced annuity sales increased 11% to 892.9m over the period, whilst equity release mortgage advances increased 22.7% to £242.3m.

The value of total sales over the period was £1.1bn, up 13.3% from 2010.

Assets under management hit £3.5bn, an increase of 26% on 2010's figures.

Rodney Cook, chief executive of Just Retirement said: "The business once again has broken records across most, if not all, its key metrics. We are grateful for the support received from IFAs."