Just Group reported an underlying operating profit of £305m in 2025, down 39 per cent from £504m in 2024, amid lower new business margins on lower sales, its 2025 Results Report has shown.

The firm also recorded an adjusted profit before tax of £120m, compared with £482m the previous year, reflecting lower new business volumes and margins, higher strategic expenditure, and adverse investment and economic movements.

After allowing for the deferral of £249m of new business profit into the contractual service margin (CSM) reserve, the group posted a loss before tax of £118m, compared with a £113m profit in 2024.

Meanwhile, new business profit declined 46 per cent to £249m, with margins reducing to 5.7 per cent from 8.7 per cent amid heightened competition, tighter credit spreads and a shift in business mix.

Just Group’s retirement income sales also declined in 2025, despite the firm completing a record-high number of defined benefit (DB) pension de-risking transactions during the year.

The value of its retirement income sales fell by 18 per cent last year to £4.3bn, with a reduction in DB de-risking sales partly offset by growth in guaranteed income for life (GIfL) sales.

Although Just Group completed a record-high 130 DB pension de-risking transactions in 2025, a lack of large deals led DB de-risking sales to fall by 28 per cent to £3.1bn.

During the year, the group wrote five transactions above £100m, with the largest being £270m, down from nine deals for more than £100m in 2024, the largest of which was £1.8bn.

Commenting on the results, Just Group chief executive officer, David Richardson, said: “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 DB market.”

He added that industry analysts expected a rebound in the DB market in 2026, driven by renewed demand from sponsors and trustees, and said the group’s own pipeline supported this outlook.

Richardson also reiterated that the acquisition of Just Group by Brookfield Wealth Solutions was expected to be completed during the first half of 2026.

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