Just Group

What Just Group does

Just Group plc is a UK specialist retirement solutions provider, originally established in 2004 as Just Retirement and rebranded under its current name in 2017 following the merger with Partnership Assurance Group. The company delivers a comprehensive suite of retirement products across the full retirement lifecycle: defined benefit de-risking solutions (bulk purchase annuities and pension risk transfer), individual annuities (including enhanced and lifetime annuities), lifetime mortgages and equity release products for homeowners aged 55+, long-term care insurance plans, and structured products such as the Fixed Term Investment (FTI). Underlying these products is the Sapiens Insurance Platform for system modernization, supporting digital engagement, data management, and core operations, alongside proprietary underwriting technology with enhanced capabilities for retirement product pricing and risk assessment.

The company serves two distinct customer segments: institutional clients comprising UK corporate defined benefit pension scheme trustees and sponsors seeking de-risking solutions (with over 600 DB transactions completed since inception and a 45% market share in bulk-purchase annuities in 2024), and retail customers comprising individuals approaching and in retirement seeking guaranteed income and property wealth access (over 700,000 customers with £30 billion of pension savings under management and over £7 billion of property wealth released through lifetime mortgages). Distribution operates through direct institutional sales, a network of financial advisers, digital platform partnerships (including Fundment), and consumer-facing partnerships (including the Which? Destination Retirement platform).

Revenue is generated primarily through bulk annuity premiums from DB de-risking transactions, individual annuity premiums, equity release interest roll-up and arrangement fees, and care insurance premiums. In July 2025, Brookfield Wealth Solutions agreed to acquire Just Group for £2.4 billion at a 75% premium, completing the transaction on 1 April 2026 and delisting the company from the London Stock Exchange. Just Group now operates as a wholly-owned private subsidiary of Brookfield Wealth Solutions within its approximately $180 billion global insurance platform.

Name

Just Group

Legal name

Just Group plc

Website

https://www.justgroupplc.co.uk/

Company type

Private

Founded year

2004

Operating status

Acquired

Headcount range

1,001–5,000 employees

Short description

Just Group is a UK specialist retirement solutions provider offering defined benefit pension de-risking (bulk purchase annuities), individual annuities, lifetime mortgages, and care plans to over 700,000 retail customers and corporate pension scheme trustees, now a wholly-owned subsidiary of Brookfield Wealth Solutions following its 2026 acquisition.

Ownership category

akta.pro rank

Headquarters

HQ city

Reigate

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Bulk Annuity/Pension Risk Transfer Premiums: Just Group generates revenue primarily through bulk annuity premiums from pension scheme de-risking transactions, where the company takes on pension liabilities in exchange for premium payments from pension schemes. New business volumes in 2025 were £4.3 billion in retirement income sales.
2. Individual Annuity Premiums: Retail annuity products providing guaranteed income for life to individuals, with premiums based on actuarial pricing considering longevity, interest rates, and individual health factors
3. Lifetime Mortgage/EQUITY Release Revenue: Equity release products helping homeowners aged 55+ access wealth locked in their properties, generating revenue through interest roll-up and arrangement fees
4. Care Insurance Products: Long-term care insurance products addressing the growing demand for retirement and care solutions driven by aging populations
5. Defined Benefit De-risking Transaction Fees: Fees from completing defined benefit pension scheme transactions, including buy-ins and buy-outs, with the company completing 130 DB transactions in fiscal year 2025

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Just Group is a specialist UK financial services group providing retirement solutions across the full retirement lifecycle. Its core offerings include defined benefit de-risking solutions (bulk purchase annuities) for corporate pension schemes, individual annuities providing guaranteed lifetime income, lifetime mortgages (equity release) for homeowners aged 55+, and care plans addressing long-term care funding needs. The company serves both corporate pension scheme trustees/sponsors and individuals approaching or in retirement through direct institutional sales and intermediated distribution via financial advisers and partnerships.

Product overview

Just Group is a unified retirement solutions platform offering a comprehensive suite of products across the retirement lifecycle. The core portfolio centers on defined benefit de-risking solutions (bulk purchase annuities), individual annuities, care plans, and lifetime mortgages. These are complemented by specialized products including the Fixed Term Investment (FTI) and Secure Lifetime Income for guaranteed retirement income. The company distributes through multiple channels including its HUB Group subsidiary for mortgages, the Partnership sub-brand for life assurance, and the Destination Retirement platform in partnership with Which? for financial advice. The product ecosystem is supported by Sapiens Insurance Platform for system modernization.

Differentiator

Problem solved

Functional benefit

Brands

• Just: Primary commercial brand for the group's retirement income, pension risk transfer, and lifetime mortgage products and services.
• Destination Retirement
• Gen Voices
• Secure Lifetime Income
• Fixed Term Investment (FTI)

Products and services

• Defined Benefit De-risking Solutions (Bulk Purchase Annuities) Bulk purchase annuity solutions enabling corporate defined benefit pension schemes to transfer longevity and investment risk to Just Group, providing member security and complete de-risking of pension liabilities through buy-ins and buy-outs.
• Individual Annuities Retirement income products including lifetime annuities and enhanced annuities that provide guaranteed income for life, helping individuals secure a retirement income from their accumulated pension savings.
• Care Plans Long-term care insurance products designed to help individuals fund care costs in later life, addressing growing demand for retirement income, long-term care, and senior-market insurance products.
• Lifetime Mortgages (Equity Release) Later-life lending products that help homeowners aged 55+ unlock wealth tied up in their property while retaining ownership, providing flexible financial options in retirement.
• Fixed Term Investment (FTI) Structured pension investment product that provides guaranteed income and/or growth over a selected term, shielding clients from market volatility while enhancing tax efficiency and simplifying administration; launched on the Fundment adviser platform.
• Secure Lifetime Income Retail annuity solution offering guaranteed lifetime income, with enhanced death benefit options to meet diverse retirement needs.
• Destination Retirement Free retirement planning guidance platform developed in partnership with Which?, designed to help people navigate financial planning for life after work.

Quantifiable outcome

• 700,000+ customers helped achieve better later life
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Sapiens International CorporationcoreTechnology or Integration · 17 March 2026Just Group selected Sapiens Insurance Platform to support growth and system modernization in the UK retirement market. The platform includes tools for digital engagement, data management, and core operations, supporting Just Group's expansion and product innovation.
• Which?coreGTM or Marketing Partner · 12 February 2026Which? expanded its partnership with Just Group to launch the Destination Retirement service, providing retirement planning guidance to consumers.
• Which?coreStrategic or Co-development Partner · 9 February 2026Which? partnered with Just Group to expand free retirement advice through the Destination Retirement platform, helping people navigate financial planning for life after work. The partnership addresses research showing 13% of people would rather visit a dentist than plan retirement.
• Quantum AdvisorycoreImplementation/ SI/ Consulting Partner · 14 January 2026Quantum Advisory was appointed as a third-party administration provider to Just Group, providing dedicated member support to schemes following bulk annuity transactions. The service was developed collaboratively to focus on strong member outcomes.
• FundmentcoreChannel Partner/ Reseller/ Distributor · 30 September 2025Just Group launched its Fixed Term Investment (FTI) product on the Fundment adviser platform, the first platform to offer this structured pension investment that provides guaranteed income and/or growth over a selected term.
• 55/RedefinedminorStrategic or Co-development Partner · 13 September 2024Just Group invested £3 million in 55/Redefined, a talent platform for engaging workers over 50. The investment supports the global rollout of Me/Redefined, a mid-life coaching and age insights platform.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Legal & General: UK life insurer and one of the largest BPA providers alongside Just, with overlapping institutional DB de-risking and retail annuity franchises and a comparable L&G pension risk transfer business.
• Rothesay Life: UK specialist bulk annuity and pension risk transfer provider, directly competing with Just for the same DB scheme mandates and pension trustees.
• Pension Insurance Corporation: UK specialist BPA insurer focused on DB pension scheme buy-ins and buy-outs, competing head-to-head with Just for corporate pension scheme de-risking transactions.
• Canada Life (UK): UK arm of Great-West Lifeco providing DB de-risking, individual annuities and protection products, competing directly with Just in both institutional BPA and retail retirement income markets.
• Athora: European life insurance consolidator with growing UK annuity and BPA capabilities, competing with Just for European longevity and pension risk transfer transactions; previously employed Just's interim CEO.

Broad incumbents

• Aviva: Large UK life and pensions incumbent offering bulk annuities, individual annuities and lifetime mortgages; broader portfolio with retail and commercial lines beyond Just's specialist focus.
• Phoenix Group: UK closed-book life and pensions consolidator with growing BPA and bulk annuity capabilities through its Standard Life brand; larger diversified platform competing for similar de-risking mandates.
• Scottish Widows: UK life and pensions business owned by Lloyds Banking Group, offering workplace pensions, annuities and retirement products that overlap with Just's retail proposition.
• LV=: UK mutual life and pensions provider offering retirement income, lifetime mortgages and protection products, competing with Just in retail retirement and equity release.

Emerging players

• Standard Life (part of Phoenix Group): UK retirement and workplace pensions brand now within Phoenix Group, increasingly active in DB de-risking and retail retirement propositions overlapping with Just's market.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInuk.linkedin.com/company/just-group-plc

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Just Group