Just Retirement enters the long-term care market

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Just Retirement has said it plans to enter the long-term care market within the next few months.

It plans to launch with an immediate needs annuity solution, with further details to be published before the launch date.

The company has also agreed to provide Origen Financial Services with individually underwritten annuities to support the new Aegon open market option (OMO) annuity service.

In addition, Just Retirement has signed a deal with NFU Mutual that will see it become a panel member to the group and provide individually underwritten annuities to its retiring pension customers.

The company also reported its third quarter 2012/13 business figures today with total group sales of £300m, annuity sales of £230m and lifetime mortgage advances of £69m.

Chief executive officer of Just Retirement Rodney Cook, said: "Despite the expected slow down in the third quarter as a result of the Retail Distribution Review (RDR) and gender regulatory changes, Just Retirement delivered record total group sales of £1.24bn for our business year to 31 March 2013, an increase of 20% year on year

"Just Retirement maintained a leading position in the individually underwritten annuity market with annuity sales of £230.6m during the quarter. Annuity sales for the 9 months to March were 23.8% higher at £1.03bn.

"Financial intermediaries have achieved a significant transformation but are continuing to adjust to operating in a post-RDR world. We continue to support their transition as they make refinements to their market propositions.

"We are pleased to see that activity levels have increased but are not expected to return to normalised levels until the mid-year."

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