Article date: 5 November 2007
Norwich Union, one of the market leading providers in the equity release sector, reacts to the publication of quarter three figures from Safe Home Income Plans (SHIP), the industry body that represents over 90% of the equity release sector.
Dominic Fraser-Smith, group product manager at Norwich Union Post Retirement Products, commented: "We are delighted to see these excellent new figures for SHIP which show that sales are up 15% up on the same quarter last year. In addition, Q3 2007 saw the highest value of new business written during a quarter since 2005 - a very positive sign of a healthy growing market.
"Following the full regulation of the equity release market, we have seen an increase in the number of reversion plans sold which is good news for the sector. The fact that consumers can now consider the entire universe of equity release products when looking for their ideal plan will help to ensure that people find the right solution for their circumstances.
"Despite some worries that recent negative coverage of unregulated and - indeed - unrelated products called ‘sale and rentback schemes' might dampen the appetite for equity release, we are confident that the sector will perform well in Q4. Traditionally, the last three months of the year have been a good period for these products and we belive that this will happen in 2007."
Press office contacts:
Damian Boylan 01904 723236
Sarah Horner 01904 452828 Out of hours 07800 691569
The Wriglesworth Consultancy
Lee Blackwell / Suman Katyal / Karen Butcher
Telephone: 0207 845 7900
Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.