Norwich Union (NU) says it has regained its position as the number one provider of equity release products following a series of product innovations and promotions during 2008.
It highlighted a series of successes in 2008, including launching a proposition in Northern Ireland in January and increasing the LTV scale for its lifetime mortgages in April.
In May, the minimum cash payment for home reversion plans decreased from £25,000 to £15,000 while the home reversion cash-to-release scale jumped from 56% to 59%. This was followed by a product enhancement launch in August which involved introducing a new suite of lifetime mortgages titled 'Lifestyle'.
Norwich Union equity release has seen its market share increase between Q1 and Q4 in 2008 from 6.5% to 27% when dealing with advisers and 36% to 47% when dealing direct.
"Throughout the year we have consistently grown both our IFA and direct market share," says Dominic Fraser-Smith, group product manager at Norwich Union.
"According to SHIP figures the equity release market contracted by 9% in 2008, which makes the fact that we increased our business by 15% in this market even more incredible.
"We have already seen a strong start to 2009, and we look forward to building on this achievement to benefit both our customers and advisers even further in the future."IFAonline
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till