Norwich Union, the UK’s largest insurer, has increased its share in the equity release market to almost 45% at the half year, according to the latest figures released by consumer protection body SHIP.
Norwich Union, the UK’s largest insurer, has increased its share in the equity release market to almost 45% at the half year, according to the latest figures released by consumer protection body SHIP.
In the first half of 2003, Norwich Union’s equity release sales totalled Ł252 million. This equates to almost Ł10 million a week in equity being released from people’s homes whilst allowing them to retain full ownership.
Paul Stokes, head of marketing for Norwich Union, said: “The latest sales figures from SHIP and our own sales figures confirm that equity release is now being seen and accepted more as a mainstream retirement planning tool.
“More and more people are now realising that they can retain full ownership of their home and at the same time release capital to enable them to continue to enjoy or improve their lifestyle.”
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Notes to editors
- Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 70% of the company’s long-term savings business.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media