Just Group’s pensions buyout deal boom helps boost underlying profits by 19%

Written by Adam Cadle

08/03/2023

The boom in Just Group’s pensions buyout deals has helped boost its underlying profits by 19% for 2022, it has announced.

The firm completed 56 pensions de-risking deals in 2022, worth £2.6bn. Analysts have said £200bn worth of bulk purchase annuity (BPA) deals could be seen over the next three years. Earlier this month Just Group completed its most valuable pensions buyout deal after finalising a £513m buy-in to the GKN Group pensions scheme.

Rising interest rates also boosted Just Group’s own profits, as the firm generated stronger returns from its investments. During 2022, its investments in other illiquids, including infrastructure, private placements, social housing, commercial mortgages, ground rents and income strips, amounted to over £1bn (2021: £615m).

Just Group said growth will continue in 2023 as it accesses the “fast developing investment opportunities in private debt markets through our partnerships with 15 external asset managers”.

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