Impaired life and enhanced annuity rates specialist, Just Retirement, has published record results in respect of the annuity market in quarter three of this year. It believes that it’s success is based on its excellent underwriting capability and overall service quality. Its third quarter sales of enhanced annuity plans represented a record share of the UK annuity market. According to data recently published by Watson Wyatt, total third quarter sales of enhanced annuity plans were £416m. Just Retirement’s own sales in this quarter of £163m represent a 7% share of the overall market, the highest it has recorded since its foundation in 2004.
Andy Saunders, a consultant at Watson Wyatt, said that sales of enhanced annuity plans in the first nine months of this year were just over £1.3 bn, and that’s less than £150 million short of full-year figures for last year, which, based on current trends, means that this year is on track to be yet another excellent year for the enhanced annuity market. He added that the continuing success of the enhanced annuity market means more retirees are benefiting from higher retirement incomes.
Commenting on Just Retirement’s performance Peter Ellis, its Head of Annuities, said that a number of factors contributed to this excellent result including the level of service provided to independent financial advisers (IFAs). Primarily, however, he added, its their underwriting capability that sets them apart from the competition. The depth and breadth of their underwriting capability allows us to provide better enhanced annuity rates on the core illnesses and also to provide rates for illnesses not covered by some other companies.
