REG - Just Group plc - Business update for the year ended 31 Dec 2025

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RNS Number : 4999P  Just Group PLC  20 January 2026

 

                www.justgroupplc.co.uk

 NEWS RELEASE

20 January 2026

 

JUST GROUP PLC

DISCIPLINE IN A MORE COMPETITIVE ENVIRONMENT

Just Group plc ("Just", the "Group") announces a business update for the year
ended 31 December 2025.

David Richardson, Group Chief Executive, 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 platform 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 exciting next phase for Just.

During 2025, our proactive approach to managing our capital resources, pricing
discipline and risk selection meant that we sacrificed volume in what was an
increasingly competitive trading environment, combined with tightening credit
spreads. This dynamic led to a fall in new business margin.

As previously communicated, we expect the acquisition of Just by BWS to
complete during the first half of 2026."

Highlights
 ·                                 Retirement Income sales (shareholder funded) down 18% to £4.3bn, with strong
                                   growth in Guaranteed Income for Life ("GIfL") partially offsetting a fall in
                                   Defined Benefit De-risking ("DB") sales.
 ·                                 Completed a record 130 DB transactions, although a relative lack of large
                                   deals led to DB sales down 28% to £3.1bn. Our DB team achieved another
                                   all-time single year record for the industry with 130 transactions. Since Just
                                   became the #1 DB provider by deal number in 2022, over the past four years, we
                                   have completed more than 300 transactions via our proprietary platform,
                                   Beacon. During 2025, we wrote five transactions above £100m (largest £270m)
                                   compared to nine transactions above £100m in 2024 (largest £1.8bn).
 ·                                 We expect an increased DB market opportunity in 2026, after the market fell in
                                   2025 to c.£40bn(1) due to fewer £1bn+ transactions completing. We believe
                                   this fall was a consequence of market uncertainty during the first half of the
                                   year ahead of publication of the Pensions Bill in June. Following publication,
                                   there were c.£30bn of transactions in H2 25 vs £10bn in H1 25. Overall
                                   market activity continues to increase with c.350 transactions completed in
                                   2025(1), a new record (2024: 300 transactions).
 ·                                 GIfL sales up 23% to £1.3bn, as we grew ahead of the market due to our
                                   improved advisor proposition, reflecting ongoing development expenditure. We
                                   continue to maintain strong pricing discipline in a market that has enormous
                                   long-term growth potential due to the steady growth of defined contribution
                                   pension pots and advisors increasing willingness to utilise guaranteed
                                   retirement income solutions.
 ·                                 FY 25 new business margins are expected to be c.6% (FY 24: 8.7%) with the
                                   reduction due to a combination of tighter spreads, lower volumes, business mix
                                   and an increased level of competition, in particular during H2 25.
 ·                                 Just remains extremely disciplined and return focussed. We consistently write
                                   at or above our target mid-teen IRR on shareholder capital invested in new
                                   business. We priced multiple large DB schemes, but pricing was unusually
                                   competitive in the context of the prevailing credit spread environment.
 ·                                 YE 2025 SII capital coverage ratio lower than June 2025 with the reduction in
                                   ratio driven by business growth, BWS transaction costs, property
                                   mark-to-market effects and a strengthening of the regulatory effective value
                                   test for LTMs.

 

 Just Group new business(2)                    Year ended  Year ended  Change

                                               31/12/25    31/12/24
                                               £m          £m          %
 Defined Benefit De-risking                    3,071       4,275       (28)
 Guaranteed Income for Life                    1,270       1,033       23
 Retirement Income sales (shareholder funded)  4,341       5,308       (18)
 DB Partner (funded reinsurance)(3)            -           1,101
 Total Retirement Income sales                 4,341       6,409       (32)

 

 

Note 1: Source: LCP press release 5(th) January 2026 and "Insurers up their
game amidst a changing landscape" report 6(th) November 2025, respectively

Note 2: Numbers in table subject to rounding

Note 3: 2024 DB Partner comprises a single transaction as announced on 14
November 2024 (G4S Pension Scheme).

 

All the figures are unaudited

 

 FINANCIAL CALENDAR                           DATE
 Results for the year ended 31 December 2025  27 February 2026

 

 

 

 Enquiries

 Investors / Analysts                 Media

 Alistair Smith, Investor Relations   Lucy Grubb, Head of External Communications

 Telephone: +44 (0) 1737 232 792      Telephone: +44 (0) 1737 308 783

 alistair.smith@wearejust.co.uk       press.office@wearejust.co.uk

 Paul Kelly, Investor Relations       Temple Bar Advisory

 Telephone: +44 (0) 20 7444 8127      Alex Child-Villiers

 paul.kelly@wearejust.co.uk           Sam Livingstone

                                      Telephone: +44 (0) 20 7183 1190

                                      just@templebaradvisory.com

 

A copy of this announcement will be available on the Group's website
www.justgroupplc.co.uk

 

JUST GROUP PLC

GROUP COMMUNICATIONS

Enterprise House

Bancroft Road

Reigate

Surrey RH2 7RP

 

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