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Monday, 05 November 2012 10:39
Just Retirement reports record Q1 annuity sales
Just Retirement has sold £387m of annuities in the first quarter of 2012-13, an increase of 44 per cent and a record for the firm.
The figures to 30 September 2012 compared to £268m in the same period last year and includes sales of enhanced annuities and fixed term annuities.
The firm reported total group sales for the first quarter of £455m, a 36 per cent increase on the same period last year when the total was £333m.
Equity release mortgage advances were £67.6m, up slightly from £65.1m in the same period last year.
The firm, a sponsor of the Institute of Financial Planning, said it expected sales of annuities to remain strong in the second quarter.
Rodney Cook, chief executive of Just Retirement, said: "We expect sales in the annuity market will continue to be strong in the second quarter as advisers seek to close client contracts ahead of the Gender Directive and the RDR coming into force.
"The final quarter of 2012 will be a challenging time for the industry as the result of the introduction of the Gender Neutral annuity pricing and the RDR before the end of the year.
"Just Retirement's plans are well progressed to support advisers through this period."
Last month, the firm reported its full-year sales figures for 2011-12 which were £1.4bn, an increase of 29 per cent. Annuity sales increased by 34 per cent to £1.2bn while assets under management grew by 41 per cent to £5bn.
The figures to 30 September 2012 compared to £268m in the same period last year and includes sales of enhanced annuities and fixed term annuities.
The firm reported total group sales for the first quarter of £455m, a 36 per cent increase on the same period last year when the total was £333m.
Equity release mortgage advances were £67.6m, up slightly from £65.1m in the same period last year.
The firm, a sponsor of the Institute of Financial Planning, said it expected sales of annuities to remain strong in the second quarter.
Rodney Cook, chief executive of Just Retirement, said: "We expect sales in the annuity market will continue to be strong in the second quarter as advisers seek to close client contracts ahead of the Gender Directive and the RDR coming into force.
"The final quarter of 2012 will be a challenging time for the industry as the result of the introduction of the Gender Neutral annuity pricing and the RDR before the end of the year.
"Just Retirement's plans are well progressed to support advisers through this period."
Last month, the firm reported its full-year sales figures for 2011-12 which were £1.4bn, an increase of 29 per cent. Annuity sales increased by 34 per cent to £1.2bn while assets under management grew by 41 per cent to £5bn.
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