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Brookfield Wealth Solutions, the insurance arm of Canadian investment firm Brookfield, has agreed to acquire UK-listed life insurer Just Group for £2.4 billion, equivalent to approximately C$3.2 billion. The all-cash deal, announced July 31, 2025, offers 220 pence per share—a 75% premium to Just’s prior closing price—and has been unanimously recommended by Just’s board.
Brookfield plans to merge Just with its UK subsidiary Blumont, which was launched earlier this year to enter the UK’s growing pension risk transfer (PRT) market. The combined company will retain Just’s brand, management team, and London headquarters. The transaction is expected to close in the first half of 2026, pending regulatory and shareholder approvals.
Legal counsel for Brookfield is being provided by A&O Shearman. Slaughter and May is advising Just Group.
The acquisition is part of a broader trend of North American firms expanding into the UK’s PRT sector, which is expected to see British companies offload £500 billion in retirement obligations over the next decade. Just recently reported a 57% year-on-year increase in PRT sales, reaching £5.4 billion in 2024.
Parties
Company
Brookfield Wealth Solutions
Company
Just Group plc
Company
Royal Bank of Canada
Deal Type
Merger & AcquisitionIndustry
Banking/FinanceTransaction
$ 3,200,000,000Deal Status
ActiveClosing Date