Just Retirement have this week announced that they have generated bumper sales in the six months to June this year, with over £1 billion in new business. This represents a rise of around one third from last year when they generated £753.7m. Despite doing very well in terms of equity release sales, the company’s most notable achievement was the continuing success of its annuity sales which rose to £804.6m in the six months to June this year, up 36% from £590.8m.
Just Retirement CEO Rodney Cook said there were ’challenges and opportunities’ in the year ahead…”…we will continue to use this strategy while keenly monitoring events in the fixed interest (gilt and corporate bond) investment market. The business has actively engaged with the IFA market in terms of the impact of RDR. Just Retirement has devoted considerable resource to its compliance with Solvency II. While it is too early to comment in detail, our preparations continue to progress positively.”
Just Retirements financial results should help boost confidence in the industry which is about to embrace some wide reaching changes with regard to the annuity buying process. Despite some concerns that the new rules may mean less people buying an annuity, these results indicate that for now they are proving as popular as ever.
