Annuity and retirement specialist Just Group has reported a 154% jump in first-half profits boosted by bumper annuity sales and higher new business income.

Legal & General said its operating profit for the first half of the year was £941m, boosted by its bulk annuity business.

The break-even point for retirees to get their money back from an annuity investment has fallen by five years as rates rise, according to Canada Life.

Annuity rates have climbed again meaning a 65-year-old with a £100,000 pension pot should be able to buy an annuity income of up to £7,144 per year, up from £7,027 two weeks ago and an increase of 20% on the same period last year.

Annuities have hit their highest level since December, according to new data.

Sales of annuities surged more than a fifth during the first three months of the year to reach their highest level for eight years.

Nearly one million people are considering annuities for the first time as a result of rising annuity rates, according to a new prediction.

Annuity rates have soared in 2022 as gilt yields rose and competitors vied for market position.

Average annuity rates have a hit a 14-year high and have increased by 52% in the past nine months, according to new data.

Annuity rates have hit their highest point in eight years, with a further surge in annuity income expected if the Bank of England raises interest rates today, according to a new report.