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Just Group Sacrifices Volume to Protect Margins Ahead of Brookfield Deal

Story Highlights
  • Just Group’s 2025 retirement income sales fell as it prioritised pricing discipline over volume in a tougher, more competitive market.
  • Despite lower defined benefit volumes and margins, Just Group grew annuity sales, maintained return focus and expects a stronger DB market in 2026.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Just Group Sacrifices Volume to Protect Margins Ahead of Brookfield Deal

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Just Group plc ( (GB:JUST) ) has provided an update.

Just Group has reported a decline in 2025 retirement income sales as it prioritised pricing discipline and capital management in an increasingly competitive market ahead of its proposed acquisition by Brookfield Wealth Solutions. Shareholder-funded retirement income sales fell 18% to £4.3bn, driven by a 28% drop in defined benefit de-risking volumes to £3.1bn amid fewer large transactions and tightening credit spreads, although the group completed a record 130 DB deals and grew Guaranteed Income for Life sales by 23% to £1.3bn, outpacing the wider market. New business margins are expected to fall to about 6% from 8.7% due to tighter spreads, lower volumes, business mix and heightened competition, and the Solvency II capital coverage ratio has eased, partly reflecting costs linked to the BWS transaction and regulatory changes; however, management emphasises continued focus on mid-teen IRRs and sees a larger DB market opportunity in 2026 as transaction activity accelerates following UK pensions reforms.

The most recent analyst rating on (GB:JUST) stock is a Hold with a £233.00 price target. To see the full list of analyst forecasts on Just Group plc stock, see the GB:JUST Stock Forecast page.

Spark’s Take on GB:JUST Stock

According to Spark, TipRanks’ AI Analyst, GB:JUST is a Neutral.

The overall stock score of 66 reflects a mix of strong technical momentum and positive corporate events, offset by financial performance challenges and high valuation concerns. The acquisition by BWS Holdings and CEO’s increased shareholding are significant positives, while overbought technical indicators and high P/E ratio present potential risks.

To see Spark’s full report on GB:JUST stock, click here.

More about Just Group plc

Just Group plc is a UK-based specialist in retirement income products, focusing on defined benefit de-risking solutions for pension schemes and Guaranteed Income for Life annuities for individual retirees. The company targets the growing market for secure retirement income as defined contribution pension pots expand and advisers increasingly adopt guaranteed income solutions, leveraging its proprietary Beacon platform to execute a high volume of bulk annuity transactions.

Average Trading Volume: 4,630,347

Technical Sentiment Signal: Buy

Current Market Cap: £2.25B

See more data about JUST stock on TipRanks’ Stock Analysis page.

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