UPDATE 1-Just Retirement Q1 sales up, current trading positive

* Q1 sales up 16.4 pct to 213.6 mln stg

* Equity release mortgage advances rise 51.4 pct (Adds details)

Oct 16 (Reuters) - British specialist life insurer Just Retirement (Holdings) Plc JR.L said on Friday first-quarter sales increased 16.4 percent and its current trading remained positive for its products.

Just Retirement, which sells investment products to people in or approaching retirement, said group total sales rose to 213.6 million pounds ($349.6 million) from 183.5 million pounds year ago.

The company, which sells two products - annuities and equity release mortgages -- said the pipeline for annuity sales remained healthy and it continued to expect some increased demand for equity release as the UK housing market recovered.

Annuity policies sales rose 8.7 percent to 163.5 million pounds, while equity release mortgage advances rose 51.4 percent to 50.1 million pounds, Just Retirement said in a statement.

The court and general meetings to consider the proposal by Avalon Acquisitions, a Permira-backed bid vehicle, for Just Retirement would be held on Nov. 4, the company added.

In September, Just Retirement agreed to be taken over by private-equity company Permira in a 225.5 million pound cash deal.

Shares of the company closed at 75.25 pence on Thursday on the London Stock Exchange. ($1=.6110 Pound) (Reporting by Ramkumar in Bangalore; Editing by Vinu Pilakkott)