Just Retirement sees rise in equity release applications

Specialist UK life assurance group Just Retirement has announced a strong volume growth for the six-month period leading to December 31st, including over £100 million of completions for equity release mortgages and annuities.

The group has seen sales growth of 26 per cent and a 15 per cent gain in the value of new businesses during this period, as well as seeing its highest-ever level of applications for annuities and equity release mortgages in March 2010.

Mike Fuller, chief executive of Just Retirement, said that he is confident the company will continue to perform strongly over the course of the year.

"Whilst the market for equity release has been relatively weak, our own position within it continues to strengthen at attractive margins," he added.

"Moreover, we have been able to maintain and enhance our growth without compromising our capital strength."

It follows the results of a survey conducted recently for AXA Wealth, which found that around one in ten people are considering equity release as a way of funding their retirement.

Ashall Glover Financial Services are equity release specialists.