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

The value of its retirement income sales fell by 18 per cent last year to £4.3bn, with a reduction in the value of DB de-risking sales being 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 resulted in DB de-risking sales falling 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.

Just Group said it expected an increase in DB market opportunities in 2026 after the market contracted in 2025.

It attributed the decline last year to market uncertainty during the first half of 2025 ahead of the publication of the Pension Schemes Bill in June.

The update revealed that Just Group’s GIfL sales increased by 23 per cent to £1.3bn in 2025, which the firm said was driven by improvements in its adviser proposition.

The group said it continued to maintain strong pricing discipline in a market it believed had “enormous” long-term growth potential due to the steady growth of defined contribution pension pots and advisers’ increasing willingness to utilise guaranteed retirement income solutions.

Just Group’s new business margins for the 2025/26 financial year were expected to be around 6 per cent, down from 8.7 per cent in the 2024/25 financial year.

This anticipated reduction was attributed to a combination of tighter spreads, lower volumes, business mix, and an increased level of competition, especially during the second half of 2025.

In July 2025, Brookfield Wealth Solutions (BWS) announced plans to acquire Just Group, with the acquisition expected to complete in the first half of 2026.

Just Group group chief executive, David Richardson, said the proposed merger would be a “great outcome” for customers, shareholders, and colleagues.

“It reflects the strength of the Just platform and the long-term value of the strategy we have developed,” Richardson continued.

“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.”

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