Investing in Just Group seems promising - is it worth your capital?
Just Group's Transformative Growth: A New Chapter Begins
Just Group, a UK-based retirement products provider, is embarking on an exciting new phase of growth following a transformative acquisition by Brookfield Wealth Solutions (BWS).
The deal, valued at £2.4 billion, was announced in mid-2025, with BWS, a North America-based insurer with over $140 billion in assets, agreeing to acquire Just Group. The combined entity will operate under the Just Group brand and will be well-positioned to capitalise on the growing opportunities in the UK defined contribution pension markets, projected to reach £1.3 trillion by 2044 [1][2][3].
Just Group's focus on individual annuities and pension risk transfer (PRT) business will be significantly enhanced by this acquisition. The UK PRT market is expected to see £40-50 billion in annual transaction volume over the next few years, driven by pension schemes’ strong surplus funding ratios and consequent de-risking initiatives [2]. Just Group's innovative Beacon platform, combined with BWS's de-risking capacity, will broaden the range of pension schemes it can serve [2].
Analysts and credit rating agencies remain confident about Just Group’s financial stability through this transition. Fitch has affirmed its Insurer Financial Strength rating at ‘A+’ with a stable outlook, reflecting strong credit metrics post-acquisition [4].
Before the acquisition, Just Group was facing a lack of growth, with shares trading below 40p and market confidence dwindling. To address this, Just Group revised its long-term plan and outlined a new roadmap to return to growth [5].
Just Group's financial health is in good shape. Its dividend is expected to increase from just under 2% to 3.4% as its book of productive businesses continues to grow [6]. The company's investments span property, private credit, infrastructure, commercial real estate, social housing, and direct lending to small businesses [7]. In 2024, Just Group reported an operating profit of £504 million, achieving its goal of growing the company's operating profit at 15% per annum over the next five years two years early [8].
Looking forward, analysts predict a bright future for Just Group. Berenberg estimates Just Group's net tangible asset value to increase by 12% on a compound annual basis until 2027, from 254p at the end of 2024 to 363p by 2027 [9]. The income from Just Group's existing business is also expected to more than double from 2023 to 2028 [9].
Just Group's shares soared 35% above the initial public offering (IPO) price, reflecting investor confidence in the company's future [10]. The company floated on the London Stock Exchange in late 2013 [11].
In the bulk-purchase annuities (BPA) market, which could reach up to £900 billion, with an average of £50 billion per annum agreed over the next ten to 12 years [12], Just Group closed 129 BPA deals in 2024, giving it a 45% market share [13].
Just Group's growth ambitions extend beyond its current 12% share of the individual annuities market [13]. With the support of BWS and Brookfield Asset Management's extensive investment expertise, Just Group is poised to capture the opportunities in the growing UK pensions market effectively over the coming years [1][2][3][4].
[1] The Telegraph, "Just Group in £2.4bn takeover by Brookfield Wealth Solutions", 2025 [2] Pensions Age, "Just Group and Brookfield Wealth Solutions to merge", 2025 [3] City A.M., "Just Group acquisition to boost UK pensions market", 2025 [4] Reuters, "Fitch affirms Just Group's rating after Brookfield Wealth Solutions acquisition", 2025 [5] FT Adviser, "Just Group outlines new roadmap to return to growth", 2022 [6] City A.M., "Just Group's dividend to rise as book of productive businesses grows", 2022 [7] Just Group, "Investment Strategy", 2022 [8] Just Group, "Full Year Results 2024", 2025 [9] Berenberg, "Just Group: A Bright Future Ahead", 2025 [10] Financial Times, "Just Group shares soar above IPO price", 2013 [11] Just Group, "IPO Announcement", 2013 [12] Lane, Clark & Peacock, "Bulk-Purchase Annuities Market Outlook", 2021 [13] Just Group, "Annual Report 2024", 2025
- As part of its expanded operations under the Just Group brand, the combined entity is anticipated to invest in various sectors such as property, private credit, infrastructure, commercial real estate, social housing, and direct lending to small businesses, aiming to boost its financial growth.
- Just Group's innovative Beacon platform, combined with BWS's de-risking capacity, will enable the company to serve a broader range of pension schemes, looking to capitalize on the UK defined contribution pension markets' growing opportunities.
- The acquisition of Just Group by Brookfield Wealth Solutions provides the company with a unique opportunity to grow its interest in the bulk-purchase annuities (BPA) market, which could reach up to £900 billion over the next ten to 12 years.
- With a focus on areas like individual annuities, pension risk transfer (PRT) business, and property investments, Just Group is planning to increase its share in the personal-finance sector, aiming to reach beyond its current 12% share in the individual annuities market.
- The increase in Just Group's operating profit, from £504 million in 2024 to its target of growing the company's operating profit at 15% per annum over the next five years, demonstrates that the company’s strategic investments in various sectors, such as property and pensions, are contributing to its overall financial success.
