Sales of individually underwritten annuities at Just Retirement have plummeted by 59% over the past year.

The company reported this morning that in the three months to 30 September 2014 the figure stood at £129.3m - down from £313.3m.
Total annuities sales for the quarter fell by 48% to £174.3m from £336.9m, while total new business sales were 42% lower.
Fixed term annuities, however, remained at virtually the same level - £20.2m compared to £20.4m.

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Rodney Cook, chief executive of Just Retirement, said: "Consistent with our October statement we remain on track to meet our full year sales expectations, despite difficult market conditions, particularly for individually underwritten annuities. This reflects our continuing success in the DB market, including the new deal announced today, ongoing core demand for IUA, and firm demand for lifetime mortgages."

The firm announced a DB sale of £76m which will complete later this week.
Mr Cook said: "We believe these figures compare favourably with realistic expectations in the post-Budget world.
"Our DB team continues to win new schemes, which will help us should demand for IUAs weaken further in the run up to the pension reforms in April 2015.
"Our success in the DB market also demonstrates that Just Retirement retains the entrepreneurial spirit of a company currently celebrating only its 10th anniversary.
"This gives me confidence that our new generation of post-Budget retirement income products will contribute to revenue momentum in 2015.
"Our unique medical underwriting skills will be more relevant than ever to those financial advisers with a duty to ensure that their customers do not outlive their savings."

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