Government official Rachel Reeves supports 2.4 billion pound acquisition of pension company Just by foreign investor
Brookfield Wealth Solutions Expands UK Presence with Acquisition of Just Group
Brookfield Wealth Solutions (BWS), a retirement services spin-off of Brookfield Asset Management, has made a significant move into the UK pension insurance market with the acquisition of Just Group, a UK-based insurer specializing in pension risk transfer (PRT) solutions.
Just Group, a London-based financial services firm, serves 700,000 customers and is responsible for around £27 billion of savings. The deal, valued at approximately £2.4 billion (at 220p per share in cash), will see BWS merge Just Group with its existing UK insurer, Blumont Annuity Co. UK Ltd., and operate the combined entity under the Just Group brand.
Sachin Shah, chief executive of BWS, stated that the deal "will accelerate our growth ambitions for the UK." The acquisition is part of BWS’s strategy to expand its footprint in the UK, targeting a pension risk transfer market valued at around £1 trillion in assets under management, which is expected to see £40-50 billion in annual transaction volume over the next few years.
The acquisition aims to leverage Just’s innovative Beacon platform and expand its de-risking capabilities to serve a wider range of pension schemes, both large and small. Additionally, the combined company will benefit from access to Brookfield Asset Management’s extensive investment management and asset origination capabilities, particularly in low-volatility private assets suited to the long-dated liabilities typical of annuity products.
The deal reflects the strength of the Just platform and the long-term value of the strategy delivered by Just Group, according to its boss, David Richardson. He added that the deal will enable Just to broaden its reach and enhance its offering, which will accelerate the fulfilment of their purpose to help more people achieve a better later life.
The UK Chancellor, Rachel Reeves, has backed the deal as a sign of strong international investor confidence in the UK economy. BWS launched its UK business and commenced operations for Blumont Annuity earlier in 2025, and the acquisition is seen as a "transformational" step in consolidating its UK pension risk transfer market presence. Completion of the acquisition is expected in the first half of 2026.
BWS currently manages over $140 billion of assets globally and employs more than 4,000 people. With this acquisition, it aims to become a major player in the UK’s pension market, a priority region due to the market’s size and attractive investment opportunities.
In early trading on Thursday, Just Group’s shares increased by 68% to 211.5p. The deal provides Just Group with access to greater financial resources and capital, enabling it to expand its services and better serve its customers.
[1] Financial Times [2] City A.M. [3] Pensions Age [5] Pension Funds Online
- Brookfield Wealth Solutions, recognizing the sprawling £1 trillion pension risk transfer market in the UK, intends to leverage Just Group's innovative platform and expand its de-risking capabilities, aiming to serve a broader range of pension schemes, thus becoming a significant player in the UK's pension market.
- In line with its ambition to consolidate its presence in the UK pension risk transfer market, Brookfield Wealth Solutions acquired Just Group, a London-based financial services firm, to tap into its extensive investment management and asset origination capabilities, particularly in low-volatility private assets, which complement the long-dated liabilities typical of annuity products.
- The acquisition of Just Group by Brookfield Wealth Solutions is not just a strategic move for business growth but also a long-term approach to help more people achieve a better later life, as confidently espoused by Just Group's boss, David Richardson, stating that it will broaden their reach and enhance their offering.
