Today, Just Retirement Group has announced its intention to proceed with an initial public offering to institutional investors. It intends to apply for admission of its ordinary shares to the premium listing segment of the Official List and to trading on the Main Market of the London Stock Exchange.
Commenting on today’s announcement, Rodney Cook, Chief Executive Officer of Just Retirement Group, said:
“We continue to see strong underlying growth in our core markets of Individually Underwritten Annuities and Equity Release Lifetime Mortgages as the growing population of retirees continues to be challenged by falling State provision, low savings rates and a desire to maintain their lifestyle in retirement. Our unrivalled proprietary intellectual property and sector leading service proposition have provided retirees with over £300 million of additional retirement income, representing an average income enhancement of 20 per cent. to 25 per cent. relative to standard writers, and helped them to have a more comfortable retirement by releasing over £1.5 billion of equity from their homes. This IPO enables Just Retirement to capitalise on the expected continued strong growth in new business, strengthens our regulatory and economic capital ratios and better positions us to accommodate future regulatory changes.”
Tom Cross Brown, Chairman of the Just Retirement Group, said:
“The IPO of Just Retirement is a natural step in its evolution. The Company’s management has over 100 years of combined experience in the retirement income market and the team, led by Rodney Cook, is providing innovative solutions to meet the evolving needs of consumers. The IPO will help maintain and strengthen our market leading position and give us the opportunity to offer new products and retirement solutions to a growing ageing population.”
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