**Summary of Just Group PLCs Final Results for the Year Ended 31 December 2025**
Just Group PLC reported its financial results for the year ended 31 December 2025, highlighting a year of strategic execution, disciplined pricing, and preparation for future growth amidst a competitive market. The company announced a proposed combination with Brookfield Wealth Solutions Ltd (BWS), expected to complete in the first half of 2026, which is seen as a significant opportunity for customers, shareholders, and colleagues.
**Financial Highlights**
**Underlying Operating Profit** Decreased by 39% to £305 million, primarily due to lower new business margins on reduced sales, partially offset by higher recurring in-force profit.
**Retirement Income Sales** Fell by 18% to £4.3 billion, with a strong growth in Guaranteed Income for Life (GIfL) sales partially offsetting a decline in Defined Benefit (DB) sales.
**GIfL Sales** Increased by 23% to £1.3 billion, reflecting improvements in the advisor proposition.
**DB Sales** Decreased by 28% to £3.1 billion, due to fewer medium-sized transactions in a competitive market.
**New Business Margins** Lower at 5.7%, impacted by increased competition, tighter spreads, lower volumes, and business mix.
**Solvency II Capital Coverage Ratio** Remained robust at 179%, despite a fall from the previous years 204%, due to new business growth and non-operating items.
**IFRS Performance** Tangible net assets increased to £2.7 billion, and adjusted profit before tax was £120 million, leading to an IFRS loss before tax of £(118) million.
**Strategic Developments**
**Proactive Capital Management** Just Group deliberately reduced volume in the DB market to manage capital resources and maintain pricing discipline.
**Market Outlook** Anticipates a rebound in the DB market in 2026, driven by renewed demand and a strong pipeline. The retail guaranteed income market is also expected to offer significant long-term growth potential.
**Sustainability** Achieved net zero emissions in its own operations (Scope 1 and 2) by 2025 and is on track to reduce Scope 3 emissions by 50% by 2030.
**Operational Excellence**
**DB Transactions** Completed a record 130 transactions, maintaining its position as the number one DB provider by deal number.
**Retail Business Growth** GIfL sales grew by 23%, benefiting from an improved advisor proposition and strong market demand.
**Future Prospects**
**Combination with BWS** Expected to enhance Just Groups reach, offering, and investment capabilities, positioning the company for continued growth and value creation.
**Market Opportunities** Well-positioned to capitalize on the DB market rebound and the long-term growth potential of the retail guaranteed income market.
In conclusion, Just Group PLCs 2025 results reflect a year of strategic discipline and preparation for future growth, with the proposed combination with BWS marking a significant step towards enhancing its market position and value proposition.