Just Retirement has enjoyed a strong fourth quarter in the three months to the end of June and says it has got off to a good start in the new financial year.
The provider has even managed to increase its equity release market share to an estimated 19%, compared to 14% in 2008.
Sales of its equity release schemes have therefore risen significantly, possibly as a consequence of its intermediary offering on its Lifetime Mortage plan.
Just Retirements market share with annuities is now estimated at 6% – compared to 5.5% last year.
In the 12 months to the end of June sales totalled £753 million, a 1.3% drop on the 2008 figure of £763.5 million. However, total sales for the fourth quarter hit £234.9 million, 20% above the previous high.
Equity release sales increased 17% quarter on quarter, but fell 9% compared with a year earlier. Over the full year sales rose 2.5%.
This initial reduction in equity release mortgage advances was cited on the adverse housing market which has thereby been affected by reduced valuations.
Mike Fuller, chief executive of Just Retirement said: ‘This performance is validation of the profit-focused strategy we have been operating throughout the last year, during which we have concentrated on maximising returns to shareholders rather than matching irrational rates from our competitors.
‘As these competing rates have returned to more normal levels, our competitive position has improved considerably, leading to this strong performance.’
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