The total value of new defined benefit (DB) de-risking deals completed by Just Group increased by 21 per cent year-on-year in 2023, its latest business update has revealed.

During the year, the company’s DB de-risking and DB partner (funded reinsurance) business rose from £2.96bn to £3.42bn.

Just Group completed 80 de-risking transactions during 2023, up from 56 deals in 2022.

The largest transaction was its £513m buy-in with the GKN Group pension scheme (No.4), which was also the highest value DB de-risking deal Just Group has completed to date.

Its business update also showed that its shareholder funded retirement income sales increased by 24 per cent to £3.9bn in 2023, which it said was driven by both DB de-risking and guaranteed income for life (GIFL).

Just Group noted that the GIFL market was at its largest since the introduction of pension freedoms, driven by higher interest rates which stimulated customer and adviser demand.

It also felt that the GIFL market growth was benefiting from the introduction of the Financial Conduct Authority’s Consumer Duty, which was prompting advisers to help customers achieve their objectives by considering all retirement income products.

Furthermore, Just Group’s other illiquid asset origination rose by 50 per cent to £1.6bn during the year.

Commenting on the update, Just Group group chief executive, David Richardson, said: “Our success is underpinned by the sheer number of DB opportunities available, scheme funding at record levels, and our capability to provide innovative solutions consistently across the entire market.

“Furthermore, the GIFL market has been revitalised by higher interest rates, while regulatory change has stimulated advisers to consider carefully all product options to achieve their customers’ objectives.

“Our successes in 2023 and positioning in buoyant markets give us increased confidence in our prospects for 2024.”

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