Norwich Union Life Equity Release Sales Increase by 89%
Norwich Union Life has recently announced that equity release sales have increased by 89% to £83m in Q1 2009, compared to Q1 2008.
Q1’s high volumes have been driven by the significant pipeline of business (£75m) coming out of 2008 says Norwich Union.
Group manager for Norwich Union equity release Dominic Fraser-Smith said Norwich Union regained the number one position in the overall market at the end of 2008 thanks in the main to achieving a 27% market share in the IFA channel in Q4.
‘We have been prudently managing our risk in the turbulent property market, reducing our LTV scale twice since November 2008 and limiting the percentage of property value we will offer for higher risk properties.’
Equity release remains an attractive option
Fraser-Smith says Norwich Union is continuing to see high levels of business generated by the IFA channel.
He continues: ‘The current market position has an upside for equity release in that with fewer house sales and difficulties getting credit, equity release remains an attractive option.’
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