Legal & General has revealed that it intends to write £100m of equity release business this year.

The insurance giant recently announced its acquisition of Newlife Home Finance, subject to regulatory approval, as a means to entering the lifetime mortgage market.

Nigel Waterson, chairman of the Equity Release Council, said: “There is already a strong momentum in the equity release market, and today’s comments from Legal & General that it expects to write over £100m of business this year – and more in future – is another sign that this trend will continue.

“More people are tuning into the fact that unlocking even a small portion of their housing wealth can make a major difference to their quality of life beyond the age of 55. Recent years have seen new providers, products and flexibilities emerge alongside the existing safeguards, protections and high standards of advice. We look forward to more of the same in 2015 as the industry responds to meet growing demand.”