REG - Just Group plc - Completion of largest single DB transaction

JustAnnouncement

18/07/2022 09:00

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RNS Number : 7235S  Just Group PLC  18 July 2022

 NEWS RELEASE  www.justgroupplc.co.uk

 

18 July 2022
 
JUST GROUP plc
Just Group completes its largest defined benefit de-risking transaction

- 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."

 

 

 

 

 FINANCIAL CALENDAR                             DATE

 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

 

 Enquiries

 Investors / Analysts                 Media

 Alistair Smith, Investor Relations   Stephen Lowe, Group Communications Director

 Telephone: +44 (0) 1737 232 792      Telephone: +44 (0) 1737 827 301

 alistair.smith@wearejust.co.uk       press.office@wearejust.co.uk

 Paul Kelly, Investor Relations       Temple Bar Advisory

 Telephone: +44 (0) 20 7444 8127      Alex Child-Villiers

 paul.kelly@wearejust.co.uk           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

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