20th Jan 2026 10:40
(Alliance News) - Just Group PLC on Tuesday said it expects a pick up in the defined benefit de-risking market this year, after a decline in sales in 2025, as the provider of retirement income products looks ahead to its takeover by Brookfield Wealth Solutions Ltd.
Retirement income sales fell 18% in 2025 to GBP4.34 billion from GBP5.31 billion, with strength in guaranteed income for life offset by a fall in DB sales.
Including a deal for the pensions scheme at security services company G4S, announced in November 2024 alongside a partner, total retirement income sales in 2024 had amounted to GBP6.41 billion, so 2025 would represent a 32% decline.
Reigate, Surrey-based Just Group said 2025 saw a record number of DB deals for the firm, completing 130. However, the number of "large deals" fell, so DB sales declined 28% to GBP3.07 billion.
"During 2025, we wrote five transactions above GBP100 million (largest GBP270 million) compared to nine transactions above GBP100 million in 2024 (largest GBP1.8 billion)," Just Group said. "We expect an increased DB market opportunity in 2026, after the market fell in 2025 to [around] GBP40 billion due to fewer GBP1 billion+ transactions completing. We believe this fall was a consequence of market uncertainty during the first half of the year ahead of publication of the pensions bill in June."
After the bill was published, there were around GBP30 billion worth of deals in the market during the second half, surging from GBP10 billion in the first, Just Group said.
Just Group's guaranteed income for like sales shot up 23% to GBP1.27 billion in 2025.
"We grew ahead of the market due to our improved advisor proposition, reflecting ongoing development expenditure. We continue to maintain strong pricing discipline in a market that has enormous long-term growth potential due to the steady growth of defined contribution pension pots and advisors increasing willingness to utilise guaranteed retirement income solutions," it said.
New business margins of around 6% are expected, weakening from 8.7% in 2024. It said the decline is due to tighter spreads, lower volumes and rising competition, particularly in the second half.
Just Group is to release annual results on February 27.
The company affirmed that it expects its GBP2.4 billion takeover by Brookfield Wealth to be completed in the first half of 2026.
It agreed to the deal at the end of July.
Just Group shares fell 0.2% to 216.00 pence each in London on Tuesday morning, giving it a GBP2.24 billion market capitalisation.
By Eric Cunha, Alliance News news editor
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