**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.
| Metric | 2024 | 2025 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Underlying operating profit (£m) | 504 | 305 | (39%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Income sales (£bn) | 5.3 | 4.3 | (18%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business profit (£m) | 460 | 249 | (46%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business margin (%) | 8.7% | 5.7% | (34%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Solvency II capital coverage ratio (%) | 204% | 179% | (12%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tangible net assets (£bn) | 2.6 | 2.7 | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash generation (£m) | 119 | 130 | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business strain (% of premium) | 1.3% | 2.7% | 115% |
| Metric | 2024 | 2025 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Underlying operating profit (£m) | 504 | 305 | (39%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Income sales (£bn) | 5.3 | 4.3 | (18%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business profit (£m) | 460 | 249 | (46%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business margin (%) | 8.7% | 5.7% | (34%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Solvency II capital coverage ratio (%) | 204% | 179% | (12%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tangible net assets (£bn) | 2.6 | 2.7 | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash generation (£m) | 119 | 130 | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| New business strain (% of premium) | 1.3% | 2.7% | 115% |
| Period | Revenue | Net Income | FCF | Net Debt |
|---|---|---|---|---|
| Q4 2025 | 1.1B | -150.0M | -1.4B | 3.6B |
| Q2 2025 | 1.7B | 45.0M | 966.0M | 4.0B |
| Q4 2024 | -2.7B | 20.0M | -804.0M | -770.0M |
| Q2 2024 | 997.0M | 48.0M | 403.0M | 3.4B |
| Q4 2023 | 1.6B | 41.5M | -52.6M | 471.0M |
| Q2 2023 | 1.6B | 75.5M | 142.6M | 137.1M |
Annual Financial Power
Last 5 Years
| Period | Revenue | Net Income | EBITDA | FCF |
|---|---|---|---|---|
| FY 2025 | 2.1B | -99.0M | 134.0M | -398.0M |
| FY 2024 | -1.7B | 80.0M | 358.0M | 859.0M |
| FY 2023 | 912.0M | 129.0M | 299.0M | 138.0M |
| FY 2022 | 5.7B | -376.0M | -431.0M | 194.2M |
| FY 2021 | 3.2B | -35.4M | 140.0M | -676.0M |
Structure DNA
Market Structure DNA
Income Anchor profile with trend broken
Price is -52.6% through the 52-week range, -89.9% vs 50DMA and -89.2% vs 200DMA. 100.0% of the register is locked by institutions and insiders, leaving 0.0% free float. Capital rhythm reads semi-annual with forward yield near 1.2% and payout around 40.3%.
Trend broken
Institutional gravity
Reliable income rhythm
As Of 2026-04-19
Income Anchor
Structure Score
52.7 / 100
Income Anchor
Trend Stack
-89.9% / -89.2%
vs 50DMA / 200DMA
52W Position
-52.6%
auction position inside the yearly range
Ownership Lock
100.0%
107.9% institutions | 10.8% insiders
Pressure Pocket
0.0% free float
Vendor short-float fields were not supplied
Capital Rhythm
Semi-Annual
Yield 1.2% | payout 40.3%
Trend Runway
Implied spot is 21.90 with the stock -89.9% vs 50DMA and -89.2% vs 200DMA. The tape is sitting -52.6% through the 52-week range, which frames the regime as trend broken.
Ownership Register
Institutions hold about 107.9% and insiders about 10.8%, locking roughly 100.0% of the register and leaving 0.0% in free float. That reads as institutional gravity.
Pressure Pocket
The API did not return a usable short-float field for this ticker, so the pressure score leans more on float lock and crowding than a full short ledger.
Capital Rhythm
Dividend cadence reads semi-annual with 2 event(s) in the last full year, a five-year average of 1.8, and stability score 80.0/100. Forward yield sits near 1.2% while payout is around 40.3%.
Structure Score
One-glance gauge for the current market-structure regime.
Pillar Radar
Trend, ownership, pressure, and capital rhythm mapped on one wheel.
Position And Float Balance
Shows whether the stock is extended, tightly held, or carrying capital-return support.
Dividend Cadence Tape
Historical dividend-event counts help reveal how dependable the income rhythm has been.
Dividend Cadence Ledger
Semi-Annual
| Year | Dividend Count | Context |
|---|---|---|
| 2025 | 2 | Full year |
| 2024 | 2 | Full year |
| 2023 | 2 | Full year |
| 2022 | 2 | Full year |
| 2018 | 1 | Full year |
| 2017 | 2 | Full year |
| 2016 | 2 | Full year |
| 2015 | 2 | Full year |
Structure Facts
Live Snapshot
Implied Spot
21.90
derived from market cap / shares
52W High
219.00
upper auction edge
52W Low
89.86
lower auction edge
Beta
0.81
volatility character
Shares Out
1.1B
fully diluted count
Shares Float
918.3M
tradable register
Shares Short
0
borrowed stock
Short Ratio
0.0x
days-to-cover style read
Ex-Dividend
2025-08-14
-248 day(s) to ex-date
Dividend Pay
-
payment date not supplied
Last Split
1572:1555
2015-09-28
Capital Radar
Capital Regime
—
Building signal blend...
Smart Money Tilt
—
Public vs institutions
Target Conviction
—
Broker coverage pulse
Insider Pressure
—
Director + TR1 flow
Last Held Position
-
Public Hands
-
Institutions
58.8866
Institutions As Of
2026-04-01
Avg Broker Target
-
Upside Vs Price
-
Purchase Director Dealing
1
Sale Director Dealing
2
Purchase TR1
31
Sale TR1
22
Broker Coverage Rows
12
Institution Holders Tracked
13
Public Vs Institutional Ownership (3D)
Top Institution Holders (Latest Per Holder)
Director Dealing Sentiment Flow
Broker Target Bias
Signal: Pending
Capital Momentum Matrix
Broker Targets Vs Price
Aggregated Institution Weight By Holder
Short Data - Last 30 Days
Nexus Pulse Engine
Overall Buy/Sell/Hold
Signal: Pending
Technical Composite
Signal: Pending
Financial Composite
Signal: Pending
Fundamental Composite
Signal: Pending
Short Pressure
Signal: Pending
Momentum Bias
Signal: Pending
Volatility Lab
ATR(14)
Realized Vol (20d)
Volume Spike Z
AI Charts
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Live Tape
Data 2026-03-16
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Live Price Structure
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RSI Gauge
Price Change
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