An established insurer and secure counterparty


Strong counterparty credentials matter. After all, our bulk annuity policies are commitments to pay insured benefits well into the future. So it’s important we can demonstrate our financial security and the protection our DB policyholders enjoy.

Just Group plc (our holding company) is a FTSE listed specialist UK financial services company. We’re a leader in the defined benefit de-risking, individual retirement income and lifetime mortgage markets.

Since we were established in 1995, we’ve helped over 600,000 customers to improve their later lives by providing straightforward and good value products, and excellent services. We’ve established an enviable and award winning track record with over 200 bulk annuity transactions completed since 2012.

Our group has a unique and simple business model, with a focus on bulk annuities, which delivers a secure capital position.

How do others rate us?
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We’ve been independently rated by Fitch, a global leader in credit ratings, who reaffirmed the Insurer Financial Strength (IFS) rating of our principle insurance subsidiary Just Retirement Limited (JRL) as ‘A+’ at October 2020.

This IFS rating denotes that Fitch have a low expectation of ceased or interrupted payments and indicates a strong capacity to meet policyholder and contract obligations.  You can view Fitch’s key rating drivers in their update.

In 2019 our DB Solutions team secured two awards. We were named Risk Management Provider of the Year at the Pensions Age Awards 2019, where we were commended by the judges for applying innovation in “leaps and bounds.” We were also named Pensions Insurance Firm of the Year at the European Pensions Awards 2019, which recognises our performance in providing bulk annuities to de-risk pension funds.

A unique and simple business model
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Firstly, we work in some of the UK’s most attractive financial services growth markets. Defined benefit de-risking and lifetime mortgages (LTM) are key markets for our Group. Both are growing strongly and offer potential to help secure the future of our Group.

Secondly, we enjoy a competitive advantage in our markets, based on our hard-to-replicate intellectual property in medical underwriting, powerful distribution franchise and expertise at LTM origination. This creates an attractive matching asset in which to invest defined benefit and ‘guaranteed income for life’ premiums.

And thirdly, we understand the value of capital and will continue to manage it carefully. We combine lifetime mortgages with cash, fixed income, infrastructure and other assets, and then match those assets efficiently against a regular flow of defined benefit transactions. It’s an important part of our business and capital model. The returns are realised over decades and enable us to offer attractive bulk annuity pricing to the trustees of defined benefit schemes.

Financial risk management
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Our operating model is complemented by a conservative approach to risk management.

We’re experts in delivering accurate longevity estimates alongside prudent reserving. The majority of longevity risk for both defined benefit and guaranteed income for life business is held by high-quality re-insurers. Reinsurance is used primarily to manage longevity risk so that we are able to reduce our economic exposure, thus lowering regulatory capital requirements. 

A secure capital position
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Trustees securing a bulk annuity with us benefit from the protections afforded by the UK insurance regime. We’re regulated by the Prudential Regulation Authority (PRA), part of the Bank of England. They require all UK insurers to hold solvency capital to withstand a 1 in 200 year extreme event and still meet policyholder liabilities.

In addition, the regime provides a Government backed guarantor of last resort, the Financial Services Compensation Scheme, who provide a guarantee of 100% compensation for our bulk annuity policyholders.

We exceed the solvency capital we’re required to hold by the PRA and the Solvency II model they administer which is specific to the risk profile of our Group.

A unique combination of attributes
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Our strong financial model means we’re ready for the unexpected. Our business model is strong and differentiated and enables us to increase our access to customers, select profitable risks and use capital efficiently. Our synergistic suite of products results in an efficient and balanced use of capital.

We believe these attributes add-up to us being a strong counterparty for defined benefit de-risking. Our partners and customers can be confident we’ll meet our contractual obligations and make the payments agreed in our policies, both now and in the future.