Our financial strength

We know that securing member outcomes is the priority for most trustees.

When you complete a bulk annuity and defined benefit assets are transferred to Just, we fund payments to your scheme or to individual policyholders after buy-out.

We are authorised by the Prudential Regulatory Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority. The Prudential Regulatory Authority are part of the Bank of England and require financial firms to maintain sufficient capital and have adequate risk controls in place.

A bulk annuity delivers the following protections:

  • the benefits insured are protected against investment volatility, inflation risk and longevity risk
  • we provide a guaranteed monthly payment that exactly matches the pension liabilities you’ve chosen to insure, so you don’t have to worry
  • all insurers are required by the Prudential Regulation Authority (PRA) to hold solvency capital to ensure company’s such as Just can meet our liabilities to policyholders with 99.5% certainty, which is equivalent to a 1 in 200-year extreme event; and
  • bulk annuity policies are also protected by the Financial Services Compensation Scheme (FSCS). Bulk annuity policyholders (buy-in and buy-out) can claim 100% compensation in the unlikely event we are unable to meet our obligations. Find out more, visit the Financial Services Compensation Scheme.

Professional trustees will be familiar with these protections, but if you’re an employer or member nominated trustee or a sponsor and want to know more, we’d be delighted to speak to you. Please contact any member of our commercial team to find out more.


Solvency II capital coverage ratio

Capital coverage ratio is a very healthy 197%*. The interest rate sensitivity is significantly reduced, through locking-in interest rate gains. Property sensitivity has further reduced, as we increasingly diversify the investment portfolio. Our detailed capital position is published in our Solvency and Financial Condition Report.

*The 31 December 2023 Solvency II capital coverage ratio includes a formal recalculation of transitional measures on technical provisions (TMTP), and is estimated.

FTSE250 listed

Just Group are a FTSE250 listed company, so our shares are publicly traded. Please see the London Stock Exchange for more information.

Rated by Fitch

Fitch Ratings, the global ratings and research agency has affirmed the Insurer Financial Strength (IFS) Rating of Just Retirement Limited (our principle insurance subsidiary) at ‘A+’ (Strong, outlook stable) at November 2023.

The ratings continue to reflect Fitch’s very strong assessment of Just's capitalisation and leverage, and asset-liability management. The ratings also consider the Group's strong business profile, earnings and investment risk and indicate that Fitch had a low expectation of ceased or interrupted payments and believe that we had a strong capacity to meet policyholder and contract obligations.

Fitch's rating action commentary

Just Group plc, results for the year ended 31 December 2023

Latest annual report and accounts for Just Group plc