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Just Group PLC - Reigate, Surrey-based provider of retirement financial services to individuals and companies - Completes its largest defined benefit de-risking transaction, with a £500 million full scheme buy-in.
Completes full scheme buy-in with unnamed ‘international industrial services business’ insuring about 4,800 members, with about 3,000 pensioners and the rest deferred members.
‘We continue to extend and evolve our defined benefit de-risking proposition, taking the opportunity with this transaction to reinsure about 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,’ it says.
Current stock price: 66.50 pence, up 4.0% on Monday
Year-to-date change: down 30%
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