Bulk annuity provider Just Group has agreed a £2.4bn takeover deal from North American insurance giant Brookfield Wealth Solutions, the two companies announced this morning (31 July).
Under the agreement – which is subject to regulatory and shareholder agreements – Just Group will combine with Blumont Annuity Company, the UK subsidiary of Brookfield that received approval from UK regulators in March last year. If approved, the deal is expected to complete in the first half of 2026.
The combined company will operate under the Just brand, which Brookfield said was “well known and highly respected” in the UK market.
In a joint announcement this morning, Brookfield and Just said: “The acquisition represents an exciting strategic opportunity for Blumont to combine with Just in order to create a leader in the UK annuity and life insurance space with enhanced robust capitalisation, disciplined underwriting and prudent investment philosophy.”
As well as individual annuities, the company will continue to focus on providing bulk annuities to defined benefit pension schemes. Just was the most active insurer in the UK market last year, completing 129 separate bulk annuity transactions with a combined value of £4.3bn.
This included its biggest single deal to date, a £1.8bn buy-in with the G4S Pension Scheme. Just insured 60% of the longevity risk of this deal with American National Insurance Company, a subsidiary of Brookfield Wealth Solutions.
The announcement also said Just would look to “capitalise on evolving retirement trends”, including in the defined contribution sector. It would also benefit from a relationship with another Brookfield subsidiary, Brookfield Asset Management, which originates and manages assets suited to insurance companies.
An ‘exciting new phase’ for Just Group
David Richardson, group chief executive officer at Just, said: “Brookfield Wealth Solutions and the wider Brookfield group’s scale, investment expertise and alignment with our purpose will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of our purpose to help more people achieve a better later life.
“I am really proud of what the Just team has accomplished and grateful for the valuable support our shareholders have shown us over the past years. We look forward to building on our successful growth strategy and strong culture as we enter this exciting next phase for Just.”
Sachin Shah, chief executive officer of Brookfield Wealth Solutions, said: “The acquisition of Just will accelerate our growth ambitions for the UK, a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities.
“We look forward to supporting Just’s growth in the UK, building on its commitment to providing financial certainty and excellent service to its policyholders.”
John Hastings-Bass, chair of Just Group’s board, said the offer reflected the strength of the insurer’s offering and its recent progress, adding that Brookfield’s plans “will benefit existing and future customers, Just employees and the UK economy through investment in important productive assets”.
