Just Retirement has seen third quarter sales increase by 32 per cent to £381m, according to its latest results.

The results relate to figures for the three months to 31 March 2012. These latest sales figures are the highest since the business was formed in 2004.

Annuity sales increased by 35 per cent, up from £231m in March 2011 to £313m.

The firm’s new fixed term annuity product, which was launched at the end of June 2011 and offers enhanced annuity conversion, achieved ‘pleasing results’ as advisers sought alternatives to standard annuities.

Equity release sales increased by 17 per cent, up from £58m in March 2011 to £68m in March 2012.

Rodney Cook, chief executive, said: “Sales for the Group in 2012 show an upward trend for both products and we expect to maintain a competitive position in both markets to enhance our leading position.

“Our long standing commitment to lead reform in the annuity market to deliver transparency and create ‘shopping around’ received support from the ABI board in March. This is welcome news for customers, intermediaries and the industry as a whole.”

He said the firm was progressing well with the upcoming regulatory changes in the industry.

“There are significant regulatory changes impacting the industry during the next year. Just Retirement’s programmes are progressing well to ensure we support our partners through these changes and to ensure our business continues to offer highest levels of service to our customers.”