Just Retirement saw record business levels in the second quarter of 2009, though it was not enough to prevent the group from posting a sales decline in the 2008/09 financial year.
Total group sales fell by 1.3% in the twelve months to 30 June 2009, despite enhanced annuity sales climbing by a third in the second quarter or 2009.
In it annual results, published today, the retirement income specialist saw fourth quarter sales rise 22.5% year-on-year, while enhanced annuity sales increased 33%.
Annual sales fell from £763.5m to £753.7m.
Enhanced annuity sales were also down over a twelve month period, falling 2.3% to £590.8m.
Just Retirement also saw record equity release advances for £160m in its 2008/09 financial year as it benefits from the growing retirement sector. However, advances fell by 9% in the second quarter.
Mike Fuller, CEO of Just Retirement, says the firm's strategy of targeting profitable business, rather than offering the lowest rate in the market, has helped maintain earnings and led to the upturn in sales in the last quarter.
"As these competing rates have returned to more 'normal' levels, our competitive position has improved considerably, resulting in this strong performance," he adds.
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