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Just Retirement edges into FTSE 250

A list of indicative positions issued by the London Stock Exchange ahead of its quarterly review meeting showed that the enhanced annuity and equity release provider is at least 325th in the rankings by market capitalisation, a prerequisite for entering the FTSE 250 index.

The company had a market capitalisation of £1.24bn at close of trading on 4 March.

Just Retirement has now followed its competitor Partnership into the FTSE 250 after floating on the stock market last November in an offer worth more than £300m.

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Steve Lowe, group external affairs director at Just Retirement, said the move was not entirely surprising, given the £1bn-plus valuation of the company at the time of the IPO, but was nonetheless “very welcome”.

He added: “We have a solid blue-chip register of investors coming on stream and expect to see more now we’re entering the FTSE 250.”

Just Retirement recently unveiled lower underlying operating profits in its half year results. The figure, £47.3m, was down 7 per cent year-on-year due to lower individually underwritten annuity sales.