London, July 31, 2025 – Global investment firm Brookfield has announced its intention to acquire Just Group, a leading British life insurer, in a transaction valued at £2.4 billion ($3.2 billion). The deal is being legally advised by Allen Overy Shearman Sterling (A&O Shearman) on behalf of Brookfield Wealth Solutions, while Slaughter and May represents Just Group.
As part of the transaction, Brookfield’s insurance platform, Brookfield Wealth Solutions, will merge Just Group with its newly established entity, Blumont Annuity Company UK Ltd., further expanding Brookfield’s footprint in the fast-growing U.K. pensions risk-transfer market.
“The acquisition of Just will accelerate our growth ambitions for the U.K., a core region for us given its status as one of the world’s preeminent pension markets combined with highly attractive investment opportunities,” said Sachin Shah, CEO of Brookfield Wealth.
The U.K. bulk annuities market is experiencing record demand, with transaction volumes reaching £47.6 billion in 2024. Brookfield launched Blumont in March 2025, following regulatory approval from the Prudential Regulation Authority (PRA), to capitalize on the growing demand for de-risking solutions among pension schemes.
Upon completion of the transaction—expected in the first half of 2026, subject to shareholder and regulatory approval—Blumont and Just will merge and continue operating under the Just brand.
Brookfield has identified defined contribution pensions as a key area of growth post-acquisition, in addition to strengthening Just’s existing presence in the defined benefit buyout market.
David Richardson, Group CEO of Just Group, commented:
“Brookfield Wealth and the wider Brookfield group’s scale, investment expertise, and alignment with our purpose will enable Just to broaden its reach and enhance its offering, accelerating our mission to help more people achieve a better later life.”
Just is one of the top providers of bulk annuity transactions for defined benefit schemes in the U.K., a market that has rapidly expanded due to rising gilt yields and improved funding levels.
The sector has also seen increased competition, with several new entrants joining the market recently—including Royal London, Utmost Life and Pensions, and Blumont. Analysts at Hymans Robertson noted in May that supply has now outpaced demand in the risk transfer space.
This acquisition marks a strategic move by Brookfield to secure a stronger position in one of the world’s most attractive pension and insurance markets.
