RNS Number : 8946N
Just Group PLC
26 January 2023





26 January 2023




Just Group plc ("Just", the "Group") announces a business update for the year ended 31 December 2022.





Retirement Income sales up 17% to £3.1bn, driven by Defined Benefit De-risking ("DB") sales.


DB sales were up 33% to £2.6bn . We completed 56 transactions during the year (2021: 29 transactions), aided by our proprietary bulk quotation service and repeat business. We expect this strong growth momentum to carry into 2023. 


New business strain is expected to be c2%, continuing to outperform our guidance, driven by our focus on pricing discipline and risk selection. Low new business strain enables strong growth whilst delivering attractive returns and maintaining capital strength .  


Given the strong new business growth, we are confident in achieving our expectations for FY 22 underlying operating profit growth , noting that the increase in interest rates has boosted in-force profits, but led to a lower new business margin.


Our performance in 2022 has further added to our confidence in Just's ability to deliver 15% growth in underlying operating profit per annum, on average over the medium term. This is underpinned by our successes in a growing DB market, strong pricing discipline and risk selection, and our increasing illiquid investment origination capabilities.


Retirement Income sales for 2022 up 17% to £3.1bn


Just Group new business1

12 months to


12 months to






Defined Benefit De-risking




Guaranteed Income for Life (incl. Care)2




Retirement Income sales





The rise in interest rates during 2022 had a positive effect on DB scheme funding positions, which led to a very busy second half of the year for Just. The 56 transactions we executed during 2022 (close to double 2021's activity level) is expected to exceed a quarter of total market transactions.  


In July, we completed our largest DB transaction to date - a £484m deal utilising our DB partnering model. Adding the £259m DB partner premium to Just's shareholder funded DB De-risking sales led to total DB sales of £2,826m3, up 46% on prior year. We estimate 2022 industry volumes to be c£30bn (2021: £27.7bn), and our share to have grown to nearly 10%. In 2023, LCP4 anticipates that DB market volumes will exceed the record £44bn achieved in 2019. 


The market for guaranteed income for life solutions was more challenging, as pension pots decreased in value due to falling equity and bond markets, which resulted in smaller case sizes. Retail sales were down 24% as we maintained pricing discipline in a competitive market and chose to deploy the available capital budget towards the heightened activity in the DB market. The rise in long term interest rates has stimulated increased customer interest during Q4, boosting quotation volumes.


During 2022, we originated over £1bn of other illiquid assets5 (2021: £615m). This supports the increase in Retirement Income new business sales, and demonstrates the scalability of our established "manager of managers" model.



On 6 February, we will provide a market update on the Group's  transition to IFRS 17.


David Richardson, Group Chief Executive, said:

"Over the last three years we have delivered 18% average sales growth per annum, demonstrating the strength of our new business model as we take advantage of our differentiated market positioning. We have significant untapped potential and a tremendous opportunity to achieve further material growth in the rapidly expanding DB market.  

Our proprietary bulk quotation service and repeat business programme help to overcome human capital constraints in the industry and therefore increase access to competitive DB pricing for many more pension schemes.  The growth in our capacity to source illiquid investments and broadening of our reinsurance arrangements mean we are well positioned to transact on larger deals. 

This excellent level of growth has been achieved whilst delivering continued outperformance in new business capital strain, which, together with our robust capital position, allows us to take advantage of the structural growth opportunities available to us. 

I am very grateful for the remarkable effort from our colleagues during 2022. Once again, they provided outstanding service to our customers and distribution partners, enabling us to help more people achieve a better later life. Our successes in 2022 and the positive developments in the DB market have increased our confidence in Just's ability to deliver 15% growth in underlying operating profit per annum, on average over the medium term. "






Results for the year ended 31 December 2022

Interim results for the six months ended 30 June 2023

7 March 2023

15 August 2023 (provisional)


Note 1: Numbers in table subject to rounding

Note 2: Care Plan sales are now reported within the GIfL figure, and were £44m in 2022 (2021: £51m)

Note 3: Just shareholder funded DB sales of £2,567m, inclusive of £225m that Just retained from the July DB partner transaction. A further £259m was reinsured, which when added to the shareholder funded figure leads to £2,826m in total

Note 4: LCP - a leading employee benefit consultant 

Note 5: In addition to over £1bn of other illiquids, Just has also originated £0.5bn of lifetime mortgage assets in 2022

Note 6: All the figures are unaudited




Investors / Analysts


Alistair Smith, Investor Relations

Telephone: +44 (0) 1737 232 792


Paul Kelly, Investor Relations

Telephone: +44 (0) 20 7444 8127







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




Enterprise House

Bancroft Road


Surrey RH2 7RP


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Just Group (JUST)
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