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- Just Group
Just Group Acquisition, Valuation & Financials
Just Group was acquired by Brookfield Wealth Solutions for $3.2B in July 2025, a 1.1x multiple on $2.9B of revenue.
Just Group revenue at acquisition
$2.9B
Last twelve months · Jul 2025
Just Group revenue multiple at acquisition
1.1x
EV/Revenue · Jul 2025
Just Group EBITDA multiple at acquisition
6.3x
EV/EBITDA · Jul 2025
Just Group Overview
About Just Group
Just Group PLC is a financial service company that offers retirement management services through products, advisory, and professional services. The company's client base includes individuals, financial intermediaries, corporate clients, and pension plan trustees. The insurance segment writes insurance products for the retirement market - which include Guaranteed Income for Life Solutions, Defined Benefit De-risking Solutions, Care Plans, Flexible Pension Plans, and Protection and invests the premiums received from these contracts in debt securities, gilts, liquidity funds, and Lifetime Mortgage advances. The Group operates in the material geographical segment the United Kingdom.
Founded
2013
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Product sales
Revenue
$2.9B (Jul 2025)
Valuation
$3.2B (acquired Jul 2025)
Sectors
Just Group Acquisition
Just Group was acquired by Brookfield Wealth Solutions for $3.2B on 30 July 2025.
The acquisition price implies a 1.1x revenue and 6.3x EBITDA multiple on $2.9B of revenue.
Just Group plc is a London-based life insurer specializing in retirement income solutions, including annuities and pension risk transfer products for the UK market. Brookfield Wealth Solutions (BWS), a Canadian alternative asset manager within Brookfield Corp., announced on July 31, 2025, its agreement to acquire Just Group through a wholly owned subsidiary, Bidco, for 220 pence per share in cash, valuing the equity at £2.4 billion ($3.2 billion). This represents a 75% premium to Just's closing share price prior to the announcement and a 60% premium to the three-month VWAP. Just Group's board unanimously recommended the offer, citing the certain value for shareholders and BWS's strategic plans to enhance growth. Post-acquisition, BWS plans to merge Just Group with its UK insurance subsidiary, Blumont Annuity Company, forming a single consolidated entity operating under the Just Group brand, headquartered in London, and led by Just's existing management team, including CEO David Richardson. The deal accelerates BWS's expansion in the UK's preeminent pension market, providing access to Brookfield Asset Management's low-volatility asset origination capabilities suited to insurance liabilities, growing BWS's insurance assets by $40 billion toward $180-200 billion overall. Just shareholders overwhelmingly approved the transaction on September 19, 2025, with closure expected in the first half of 2026 subject to regulatory approvals and customary conditions. The acquisition reflects Just Group's undervaluation at 0.6x Solvency II own funds pre-deal, aligning it with UK life insurer peers at 1.1x, amid competitive dynamics in the heating UK pension risk transfer market. BWS CEO Sachin Shah emphasized accelerating UK growth ambitions and investing in productive assets critical to the economy, while Just Chair John Hastings-Bass and CEO David Richardson highlighted the partnership's potential to broaden retirement solutions and support long-term strategy.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 30 Jul 2025 | PE buyout | $3.2B | 1.1x | 6.3x |
Just Group as a Public Company
Just Group traded as DUS: JR0 before it was taken private. Its acquisition was announced in July 2025. January 2026 is its last month on record as a listed company, with a market cap of $3B and an enterprise value of $2.1B.
Last-twelve-month revenue was $7.9B, and the shares traded at 0.3x EV/Revenue.
Over the 4 years before that, its market cap grew from $1.2B in January 2022 to $3B, while revenue grew from $4.4B to $7.9B.
Just Group market cap while listed
Just Group EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Jan 2026 | $3B | $7.9B | - | - | 0.3x | - |
| Jan 2025 | $2.3B | $7.1B | - | - | 0.2x | - |
| Jan 2024 | $1.2B | $5.3B | - | - | 0.1x | - |
| Jan 2023 | $1.1B | $4B | - | - | 0.4x | - |
| Jan 2022 | $1.2B | $4.4B | $300M | 7% | 0.2x | 3.6x |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Just Group traded.
Just Group Competitors
Just Group competitors include listed companies like National MI, Assured Guaranty, F&G Annuities & Life and Momentum Group, and private ones like Grab Financial Group and Prismic Life Reinsurance.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $706M | $540M | $3.2B | 5.7x | ||
| Publicly listed | $1B | $751M | $3.1B | 4.8x | ||
| Publicly listed | $5.4B | $1.2B | $3.1B | 8.5x | ||
| Publicly listed | $9.2B | $902M | $3B | 1.1x | ||
| Private | - | - | $3B | - | ||
| Private | - | - | $2.9B | - |
Just Group Public Comps
Just Group is no longer listed, but its public comps include National MI, Assured Guaranty, F&G Annuities & Life, Momentum Group, New India Assurance, Star Health and Allied, Al Rajhi Takaful, Hamilton Insurance Group, Qualitas and Old Mutual.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $706M | $540M | 5.1x | 5.7x | 6.6x | - | |||
| $1B | $751M | 4.4x | 4.8x | 6.1x | - | |||
| $5.4B | $1.2B | 15.7x | 8.5x | 73.9x | - | |||
| $9.2B | $902M | 0.1x | 1.1x | 1.2x | 1.1x | |||
| $5.3B | $144M | 0.5x | 0.5x | 17.4x | - | |||
| $1.9B | $93M | 1.8x | 1.6x | 36.8x | (265.0x) | |||
| $1.2B | $132M | 2.3x | - | 21.2x | - | |||
| $3B | $861M | 1.0x | 0.9x | 3.5x | 4.2x | |||
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Common questions about Just Group
| When was Just Group founded? | Just Group was founded in 2013. |
| Where is Just Group headquartered? | Just Group is headquartered in London, United Kingdom. |
| Is Just Group publicly listed? | No, Just Group was acquired by Brookfield Wealth Solutions in July 2025. |
| Who acquired Just Group? | Just Group was acquired by Brookfield Wealth Solutions in July 2025. |
| How much was Just Group acquired for? | Just Group was acquired for $3.2B in July 2025, a 1.1x revenue multiple. |
| Which companies are comparable to Just Group? | Companies comparable to Just Group include National MI, Assured Guaranty, F&G Annuities & Life, Momentum Group, Grab Financial Group and Prismic Life Reinsurance. |
| What was Just Group's market cap before the acquisition? | Just Group had a market cap of $3B in January 2026, its last month on record as a listed company, trading at 0.3x EV/Revenue. |
| What was Just Group's revenue as a public company? | Just Group's last reported twelve-month revenue was $7.9B (January 2026). |
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