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| Date | 18 Jul 2022 |
| Time | 09:00:04 |
| Category | Miscellaneous |
| ID | 7235S |
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NEWS RELEASE |
www.justgroupplc.co.uk |
- a £0.5bn full scheme Buy-in
Last week Just Group plc ("Just", the "Group") completed a full scheme Buy-in with a pension scheme whose sponsor is an international industrial services business, insuring c. 4,800 members. This is the largest single transaction Just has completed since its entry into the market in 2012. The scheme has around 3,000 pensioners and c. 1,800 deferred members.
We continue to extend and evolve our defined benefit de-risking ("DB") proposition, taking the opportunity with this transaction to reinsure c. 50% of the liabilities in the scheme. This, our second DB partner transaction, was achieved through a funded reinsurance arrangement with a new reinsurance partner and underlines the Group's commitment to grow its new business with low capital strain.
David Richardson, Group Chief Executive, said:
"We are very pleased to have been selected by the trustees to secure the member benefits of this large pension scheme. As the highest single value transaction our DB business has completed to date and with the involvement of a new reinsurance partner, the deal demonstrates our capability to provide innovative solutions across the DB market.
Our DB team continues to be very active, completing 14 deals in the first six months of 2022, albeit with a smaller average transaction size compared to 2021. We are currently quoting on over £5bn of deals and the broader DB market is very active. This healthy new business pipeline and positive momentum, fuelled by the deal we are announcing today, and supported by our strong capital position, give me confidence that we will meet or exceed our growth ambitions in 2022 and beyond."
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FINANCIAL CALENDAR
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DATE |
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Results for the six months ended 30 June 2022 |
9 August 2022 |
Note to editors
Details of the pension scheme and the professional services firms advising on the transaction will be published later this year following an announcement to members of the pension scheme by the trustees
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Enquiries
Investors / Analysts
Alistair Smith, Investor Relations Telephone: +44 (0) 1737 232 792
Paul Kelly, Investor Relations Telephone: +44 (0) 20 7444 8127
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Media
Stephen Lowe, Group Communications Director Telephone: +44 (0) 1737 827 301
Temple Bar Advisory Alex Child-Villiers William Barker Telephone: +44 (0) 20 7183 1190 |
A copy of this announcement will be available on the Group's website www.justgroupplc.co.uk
JUST GROUP PLC
GROUP COMMUNICATIONS
Enterprise House
Bancroft Road
Reigate
Surrey RH2 7RP