Partnership Assurance joins London listings revival

Private equity-backed life insurer Partnership Assurance made a robust London stock market debut yesterday in the strongest year for British company listed on their home patch since 2007.

Partnership said it had sold its shares at 385 pence each, in the upper half of its 325-400 pence range and valuing the company at £1.54 billion.

The stock enjoyed a strong debut, closing 17 per cent above the listing price at 450 pence, having earlier hit 480 pence.

Partnership sells annuities which pay out more to customers with medical conditions such as diabetes and heart disease who might otherwise find it hard to get cover, as well as insurance to fund long-term residential care.

Last month it reported an operating profit of £112 million in 2012, a 42 per cent increase on the year. – (Reuters)