Annuity firm valued at £1.1bn in flotation

Just Retirement, a provider of pensions for people with health problems, returned to the stock market today in a flotation that valued the company at £1.1 billion.

The group, backed by private equity firm Permira, priced the sale of a 30.5 per cent stake in the business at 225p, raising about £280 million after costs.

Just Retirement was previously listed on London’s Alternative Investment Market until it was bought by Permira in 2009.

The company specialises in providing annuities for people with health conditions such as heart disease, or those who smoke, offering the potential for a higher income in retirement than with conventional annuities.

Chief executive Rodney Cook said: “We look forward to executing our growth strategy as a listed company and bringing increasing value to our customers and shareholders as we introduce further innovation into the retirement income market.”