Just Group has finalised a £1 million full scheme buy-in with the Philippine National Bank Retirement Benefits Scheme, providing insurance coverage for all scheme members.
The scheme is sponsored by Philippine National Bank (Europe) plc, the London-based branch serving the Filipino community in the UK. The transaction was completed in June 2025.
Mercer served as the employee benefits consultant and lead broker for the deal. Just Group handled legal matters through its internal team, with trustees receiving external advice from DLA Piper.
Alma Goyanes-Payne, deal manager at Just Group, said the company’s technology played a key role in executing the buy-in. “Just Group’s price monitoring and bulk quotation service, Beacon, enabled by best-in-class technology and systems, was critical to the success of this buy-in. We tracked the pricing, and when the conditions were favourable, we completed the transaction quickly,” she said.
Nestor Pascual, chair of trustees, described the outcome as a milestone for members’ financial security. “Partnering with Just Group and our advisers at Mercer has given us confidence that our members’ pensions are protected for the long term. This transaction marks a significant milestone in our journey to ensure financial security and peace of mind for our members,” he said.
Cristy Vicentina, managing director at Philippine National Bank (Europe) plc, meanwhile, highlighted the bank’s focus on staff welfare.
“Completing this buy-in with Just Group reflects our commitment to the welfare of our staff and retirees. We are proud to have played a role in securing their future and grateful to all parties involved for making this possible,” she said.
Rebecca Giles, risk transfer consultant at Mercer, added that careful planning and cooperation contributed to the timely completion of the transaction.
“Through thorough preparation and collaboration, the scheme successfully completed the deal via Just’s Beacon service, ahead of schedule,” she said.
The transaction comes as the Philippine insurance sector continues to expand. According to the Insurance Commission (IC), non-life insurers reported PHP39.63 billion in net premiums during the first half of 2025, up 20.5% from PHP32.89 billion in H1 2024. Claims paid rose 32.7% to PHP15.69 billion.
Motor insurance led the segment, accounting for 40.5% of total premiums, with a 16.2% increase in premium collection.
Life insurance also showed gains, with total premiums reaching PHP195.05 billion, a 12% rise from the previous year. Variable unit life policies grew 15.5% to PHP130.70 billion, while traditional life insurance premiums rose 5.6% to PHP64.35 billion. Net income for the sector was PHP20.72 billion, and total assets approached PHP2 trillion.
