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Just Group
Just Group (JUST) investor relations material
Just Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary7 Aug, 2025
Executive summary
Underlying operating profit for H1 2025 was £192m, down 23% year-over-year, with underlying EPS at 13.8p and a 20% increase in interim dividend to 0.84p per share.
Tangible net asset value per share grew to 267p, up from 254p at year-end 2024 and 41% over 2.5 years.
New business premiums reached £2.2bn, with DB sales at £1.6bn and retail sales at £0.5bn, both down 13% year-over-year.
Interim dividend of 0.84p per share declared, reflecting confidence in business fundamentals.
A recommended cash offer by Brookfield Wealth Solutions at 220p per share was announced post-period.
Financial highlights
IFRS underlying operating profit declined 23% year-over-year to £192m, with underlying operating EPS down to 13.8p from 18.0p.
Adjusted profit before tax was £217m, down from £267m in H1 2024; IFRS profit before tax was £65m.
Return on equity (annualised) was 10.7%, down from 15.6% in H1 2024.
Solvency II capital coverage ratio remained robust at 198%.
New business margin declined to 7.5% from 9.0% year-over-year, primarily due to tighter credit spreads.
Outlook and guidance
Targeting a return on equity greater than 12% and new business strain below 2.5%.
Strong sales pipeline for H2 2025, with £0.4bn of DB business written or exclusive as of July.
Management expects a rebound in DB sales and continued growth in retail, supported by structural market trends.
Cash generation expected to grow in line with asset growth from 2025 onwards.
Dividend expected to grow over time, supported by a resilient capital base and low-strain business model.
How does Brookfield's offer impact Just's strategy?
Explain the illiquid asset origination strategy.
What's driving the increase in in-force operating profit?
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Next Just Group earnings date
H2 20256 Mar, 2026
Just Group
Next Just Group earnings date
H2 20256 Mar, 2026
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Frequently asked questions
Just Group plc provides various financial services in the retirement income market in the United Kingdom, including de-risking solutions and guaranteed income for life. The company also issues investment plan, pensions, and other benefits by offering a range of products, such as lifetime mortgages and protection products. Just Group plc was founded in 2004 and is based in Reigate, the United Kingdom.
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