Just Group plc has announced a strong performance for 2024, with retirement income sales growing by 36% to £5.3bn, driven by significant growth across both its Defined Benefit (DB) and Guaranteed Income for Life (GIfL) segments. Including DB partner transactions, total retirement income sales reached £6.4bn, a 49% year-on-year increase.
David Richardson, group chief executive, highlighted the strength of the group’s business model, stating: “Our performance in 2024 once again proves the strength of our business model, with strong growth achieved across both our Defined Benefit and Retail businesses. Just’s success is driven by our market insight, risk selection and our ability to provide innovative solutions. This is underpinned by continuous investment in the capabilities required to grow sustainably.”
Defined Benefit sales grew by 43% to £4.3bn, with total DB sales, including partner transactions, up 57% to £5.4bn. Just completed 129 transactions during the year, up from 80 in 2023, marking an industry record for a single year. Notably, the group closed its largest ever DB deal, a £1.8bn buy-in with the G4S Pension Scheme. Richardson noted that the group’s capabilities to serve DB schemes of varying sizes position it well for continued future growth.
GIfL sales also increased by 16% to £1.0bn, with the company maintaining its pricing discipline. Richardson added that recent regulatory scrutiny by the FCA prompted financial advisers to review their processes for clients, resulting in greater demand for guaranteed income solutions.
In addition to its core business, Just Group saw a 40% rise in illiquid asset origination, reaching £2.4bn, up from £1.7bn in 2023. Of this, £1.0bn was internally sourced by the group’s expanded investments team. These assets play a key role in supporting new business pricing and diversifying the in-force asset portfolio.
Looking ahead, Just expects new business strain to remain below 2% and anticipates slightly lower new business margins for the full year compared to the first half of 2024, reflecting a shift in business mix.
