Just Group will delist its shares from the London Stock Exchange on 2 April and has shaken up its board.
John Hastings-Bass, Just Group’s chair, will step down from the board, along with Jim Brown, Michelle Cracknell, Mary Kerrigan, Mary Phibbs, Mark Godson, and Matt Saker.
Meanwhile, former Legal & General (L&G) Group CEO Sir Nigel Wilson, Arshil Jamal, Frank Oldham, Jennifer Gillespie, Jon Bayer, and Shashank Bhalla have been appointed to the Just Board.
Hastings-Bass said: “It has been a privilege to serve as chair of Just Group and to help guide the business for more than five years, with the support of our wider non-executive team.
“The acquisition of Just Group by Brookfield Wealth Solutions reflects the strength of business we have built and the long-term value of our strategy.”
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David Richardson, group CEO of Just Group, added: “On behalf of Just Group, I would like to take this opportunity to thank John for his exceptional leadership, counsel and stewardship.
“His experience has been invaluable in shaping our strategy and navigating the company to where it is today. It has been a privilege to work alongside him, and his contribution leaves the company well-positioned for the future.”
The acquisition has seen Brookfield Wealth Solutions gain 700,000 customers.
The insurer said the acquisition would give Just Group the support to grow in the UK pension risk transfer market, while expanding Brookfield Wealth Management’s presence in the UK.
Sachin Shah, CEO of Brookfield Wealth Solutions, said: “We’re delighted to welcome Just to Brookfield Wealth Solutions, and we look forward to building on the company’s strong commitment to serving its policyholders.
“We will draw on our permanent capital and Brookfield’s leading investment capabilities as we support Just’s continued growth as a scaled leader in the UK annuity market.”
In its results for the year ending 31 December 2025, Just Group said lifetime mortgages represented a fifth of its investment portfolio at £6bn, which would be reduced gradually as it originated fewer new loans and diversified its portfolio.
