Just Group plc announces its results for the year ended 31 December 2025.
David Richardson, Group Chief Executive Officer, said:
“The proposed combination with Brookfield Wealth Solutions Ltd (“BWS”) will be a great outcome for customers, shareholders and our colleagues. It reflects the strength of the Just platorm and the long-term value of the strategy we have developed. We look forward to building on our successful growth strategy and strong culture, as we enter this excitng next phase for Just.
During 2025, our proactive approach to managing our capital resources, pricing discipline and risk selection meant that we deliberately reduced volume in what was an increasingly competitive Defined Benefit de-risking (“DB”) market.
Industry analysts expect a rebound in the DB market in 2026, driven by renewed demand from sponsors and trustees, and our own pipeline supports this outlook. In addition, the retail guaranteed income market offers significant long-term growth potential in the decades ahead.
As previously communicated, we expect the acquisition of Just by BWS to complete during the first half of 2026.”
Demonstrating strategic execution and pricing discipline
- Underlying operating profit down 39% to £305m (2024: £504m), driven by lower new business margins on lower sales, partially offset by higher recurring in-force profit.
- Retirement Income sales down 18% to £4.3bn (2024: £5.3bn), with strong growth in Guaranteed Income for Life (“GIfL”) partially offsetting a fall in DB sales.
- Strong strategic execution as GIfL new business sales rose 23% to £1.3bn, reflecting improvements to our advisor
- proposition. The DB business completed a single year industry record 130 transactions, but wrote fewer medium sized transactions compared to 2024. Reflecting this, DB new business sales fell 28% to £3.1bn in a market that fell to c.£40bn in 2025 (source: LCP, 2024: £48bn).
- Market opportunity unchanged: The DB market is expected to rebound in 2026, with predictons of £40-55bn of volume (source: LCP), following publication of the Pension Schemes Bill in June 2025, and a strong pipeline of £1bn+ transactions. The UK GIfL market took a further step higher to £7.4bn, as advisors increasingly incorporate guaranteed income into retirement planning, with enormous potential ahead due to long term structural growth drivers.
- New business margins were lower at 5.7% (FY 24: 8.7%), due to a combination of increased competition, in particular DB during H2 25, ghter spreads, lower volumes and business mix.
Solvency II performance
- Capital coverage rato of 179%3 (31 December 2024 proforma: 204%), with the fall driven by new business growth, and nonoperatng items, including the tactical decision to accumulate gilts, which will reverse as the excess holding is recycled into corporate credit and illiquid assets as opportunities arise.
- New business strain at 2.7% (2024: 1.3%) was just above our target of below 2.5% of premium. Increased competition, particularly in the second half of 2025, impacted our ability to raise pricing to offset the prevailing credit spread environment, and we chose to constrain volumes. Our disciplined approach to new business pricing means that we consistently write business at or above our target mid-teen IRR on shareholder capital invested.
- Cash generation before new business capital strain has increased by 9% to £130m (2024: £119m).
IFRS performance
- Tangible net assets increased to £2.7bn from £2.6bn, giving 37% growth over the last 3 years.
- Adjusted profit before tax was £120m (2024: £482m) due to lower underlying profit, strategic costs and investment and economic losses. Of this £120m Adjusted profit before tax, £238m of profit is deferred to the CSM4 , leaving an IFRS loss before tax of £(118)m (2024 profit: £113m).
