Who Owns Just Group Company?

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Who owns Just Group?

Just Group plc, a UK financial services firm focused on retirement income, is set for a major ownership change. Brookfield Wealth Solutions has agreed to acquire the company for approximately £2.4 billion, a deal announced on July 31, 2025.

This acquisition marks a significant shift for the company, which has been a key player in the UK's retirement market since its founding in 2004. Understanding its ownership history is crucial to grasping its evolution and future direction.

Founded as Just Retirement, the company has grown to serve over 700,000 customers, managing around £27 billion in pension savings. Its offerings include products like lifetime mortgages and guaranteed income solutions, as detailed in the Just Group BCG Matrix.

Just Group plc began its journey as Just Retirement in 2004. While the specific individuals who founded the company and their initial stakes are not widely publicized, its early ownership structure underwent significant changes. A pivotal moment was its listing on the Alternative Investment Market (AIM) prior to its acquisition by Permira in 2009. This acquisition by Permira marked a crucial early phase, indicating substantial private equity backing that influenced its initial direction.

Founding Year

The company was established in 2004. It started its operations under the name Just Retirement.

Early Private Equity Involvement

Permira acquired the company in 2009. This marked a significant shift towards private equity ownership early in its history.

Initial Public Offering (IPO)

Just Retirement conducted its IPO in November 2013. This event broadened its ownership base.

Merger and Rebranding

In April 2016, Just Retirement Group merged with Partnership Assurance. This created JRP Group, consolidating market positions.

Second IPO

The newly formed JRP Group had its IPO on the London Stock Exchange in March 2016. This raised approximately £250 million.

Valuation at IPO

The company achieved a valuation of around £1 billion during its March 2016 IPO. This public listing diversified ownership further.

The company's ownership structure evolved significantly through key strategic moves. A major transformation occurred in April 2016 when Just Retirement Group merged with Partnership Assurance, forming JRP Group. This merger combined two substantial entities within the retirement income sector. Subsequently, JRP Group undertook an IPO on the London Stock Exchange in March 2016, successfully raising approximately £250 million and reaching a valuation of about £1 billion. This public offering expanded its ownership beyond the private equity firm Permira, introducing a wider array of public shareholders and influencing the Competitors Landscape of Just Group.

Evolution of Ownership

The ownership of the company has transitioned from its initial founding stages through private equity to public shareholders. This progression reflects its growth and strategic development in the financial services market.

• Founded as Just Retirement in 2004.
• Acquired by Permira in 2009.
• Initial Public Offering (IPO) in November 2013.
• Merged with Partnership Assurance in April 2016 to form JRP Group.
• Second IPO on the London Stock Exchange in March 2016, raising £250 million.
• Achieved a valuation of approximately £1 billion at its 2016 IPO.

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The ownership trajectory of Just Group plc has been marked by significant shifts, from its founding as Just Retirement in 2004 through private equity ownership and a return to public markets. A pivotal moment was the 2016 merger with Partnership Assurance, creating JRP Group, which later became Just Group plc.

The ownership landscape of Just Group plc experienced a substantial alteration on July 31, 2025, with Brookfield Wealth Solutions Ltd. entering into an agreement to acquire the company for £2.4 billion. This transaction, priced at £2.2 per share, represents a significant premium of approximately 75% over the company's closing share price on July 30, 2025. This acquisition is anticipated to bolster Brookfield's presence in the UK retirement sector, integrating its subsidiary Blumont Annuity Company with Just Group to establish a prominent force in the UK annuity and life insurance market, leveraging the investment acumen of Brookfield Asset Management.

Understanding Just Group's Ownership Evolution

The journey of Just Group plc's ownership reflects its growth and strategic positioning. Understanding these changes is key to grasping the company's current structure and future direction.

• Initial establishment as Just Retirement in 2004.
• Acquisition by Permira in 2009.
• Return to public markets via IPO in November 2013.
• Merger with Partnership Assurance in April 2016, forming JRP Group.
• Renamed Just Group plc in May 2017.
• Significant acquisition by Brookfield Wealth Solutions Ltd. in July 2025.
• The Marketing Strategy of Just Group has adapted to these ownership changes.

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As of mid-2025, Just Group plc's board of directors is led by Group Chairman John Hastings-Bass. David Richardson serves as Group Chief Executive Officer and Executive Director, a role he has held since September 2019. Mark Godson is the Group Chief Financial Officer and also an Executive Director, overseeing the company's financial operations.

The board also includes several Independent Non-Executive Directors, such as Michelle Cracknell and Mary Kerrigan, who bring significant expertise from the pensions and life insurance sectors. Jim Brown joined as a Non-Executive Director in March 2024, and Matt Saker was appointed as an Independent Non-Executive Director on August 1, 2025, slated to chair the Group Risk and Compliance Committee. The average tenure of the board members is 3.5 years. Directors holding Just Group plc shares, representing approximately 0.37% of the issued share capital as of July 30, 2025, have committed to supporting the acquisition by Brookfield Wealth Solutions. This commitment highlights the standard voting power structure, where voting is typically based on a one-share-one-vote principle, with no public indication of dual-class shares or special voting rights.

Understanding Just Group's Governance and Voting Power

Just Group plc operates under a standard governance framework for publicly listed companies. The voting power is primarily tied to share ownership, with directors holding a small percentage of the total shares. Understanding the Revenue Streams & Business Model of Just Group is crucial for grasping the context of these ownership and voting dynamics.

• Voting power is generally one-share-one-vote.
• Directors have committed to supporting a recent acquisition proposal.
• No dual-class shares or special voting rights have been publicly disclosed.
• Acquisition approval requires a majority of Scheme Shareholders representing at least 75% in value.

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The ownership landscape of Just Group plc has seen a significant shift with the announcement of its acquisition by Brookfield Wealth Solutions Ltd. This development, valued at approximately £2.4 billion, marks a pivotal moment in the company's trajectory and its position within the UK's financial services sector.

The proposed acquisition by Brookfield Wealth Solutions Ltd. is a direct response to the growing opportunities within the UK's pension risk transfer market. This market, managing over £1 trillion in assets, is anticipated to experience annual volumes between £40 billion and £50 billion in the coming years. Brookfield's strategic move aims to integrate its existing UK insurance arm, Blumont Annuity Company, with Just Group, creating a formidable presence in the annuity and life insurance sector. This consolidation is driven by favorable long-term growth prospects and the availability of capital for investment in retirement income solutions.

Acquisition Rationale

Brookfield's acquisition is a strategic play to capitalize on the expanding UK pension risk transfer market. The deal aims to combine operations for a stronger market position.

Market Opportunity

The UK pension market, with over £1 trillion in assets, presents significant growth opportunities. Just Group's acquisition aligns with this trend, targeting enhanced offerings in individual annuities.

Leadership Evolution

Recent board changes include the resignations of Kalpana Shah and Vicky Hastings. These departures reflect the ongoing adjustments in the company's governance structure.

Future Outlook

The combined entity is poised to leverage opportunities in defined contribution pensions, with UK DC assets projected to reach £1.3 trillion by 2044. This positions the company for substantial growth in the retirement income sector.

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