Quarter 3 results for the Prudential show that it has around 25 per cent of the market share for lifetime mortgages at the moment.
Their results show lifetime mortgage advances of £71 million, which is an increase of 8 per cent on last quarter. That makes the total so far this year a huge £188 million, a 74 per cent increase on 2007.
The group’s UK business has grown to £732 million, an increase of 38 per cent.
At a time when many mortgage lenders are struggling, these results are pleasing for the group.
https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Tucker, group chief executive of the Pru, said:
“This is a good overall result and we are well positioned to continue to achieve profitable market share growth, outperforming our competition, even in these very challenging markets. Looking forward we fully expect global financial market conditions to remain highly challenging for some time. But our retirement-led strategy underpinned by our diversified geographic presence and product capability and strong brand recognition ensures that we remain very well-positioned to outperform over the market cycle.”